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Asharq Al-Awsat

Business

Ankara - Saeed Abdulrazek

Turkey Doubles Transaction Tax on Consumer Loans to 10%

Turkey Inflation Official Gazette Insurance

People shop at a open market in Istanbul, Turkey, June 10, 2022. (Reuters)

Turkey raised the tax on consumer loans amid a surge in inflation and as authorities boosted measures to bolster the lira.

The bank and insurance transaction tax rate on consumer loans was increased to 10% from 5%, according to a statement in the Official Gazette on Saturday.

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