Bloomberg News

Lira Gains After Turkish Government Raises Consumption Taxes

October 13, 2011

Oct. 13 (Bloomberg) -- The lira gained in Istanbul trading after the government increased special consumption taxes on cars and other goods amid efforts to narrow the record current account deficit and slow a booming economy.

The lira climbed 0.1 percent to 1.82 per dollar at 8:26 a.m., extending the lowest level in three weeks.

The special consumption tax rate for non-electric passenger cars with engines larger than 1.6 liters was increased to levels ranging from 15 percent to 130 percent, up from 10 percent to 84 percent, according to a decision in the Official Gazette today. Taxes on tobacco, alcohol and mobile phones was also raised, it said.

To contact the reporter on this story: Mark Bentley in Istanbul at mbentley3@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net


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