Oct. 13 (Bloomberg) -- Turkish automakers including Dogus Otomotiv Servis & Ticaret AS, Ford Otomotiv Sanayi AS and Tofas Turk Otomobil Fabrikasi AS will be hurt by an increase in special consumption taxes on vehicles announced today, Ekspres Invest said.
“Dogus Otomotiv will be hardest hit from the special consumption tax as it’s a pure domestic play,” the Istanbul- based brokerage said in a report sent to clients. “Ford Otosan and Tofas will also be negatively affected.”
The government announced it was increasing the tax to 80- to-130 percent for vehicles with engines larger than 1.6 liters, up from 10-to-84 percent. New taxes for cigarettes, mobile phones and alcoholic drinks were also announced in a directive published in today’s Official Gazette in Ankara.
--Editor: Andrew J. Barden
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