Fines, taxes may be revalued by 7.8 pct

ANKARA - Anatolia News Agency

The current fines and taxes in Turkey will automatically increase by around 7.8 percent next year thanks to inflation-linked “updates” if the Cabinet does not use its authority to revise the increase. The Finance Ministry is obliged to disclose the revaluation rate for 2013 this month. The Cabinet is authorized to revise the rate within preset limits.

The annual producer price inflation rate is used as the rate of revaluation increase. The 12-month producer price inflation is 7.8 percent as of October, according to data from the Turkish Statistical Institute (TÜİK), the official statistics agency. The motor stamp duty, vehicle and environment taxes, fees and traffic and tax penalties are subject to revaluation. Inheritance duties will increase 7.8 percent as well in 2013. Real estate taxes will increase half of the rate of revaluation.