Turkey increases fuel tax as it bolsters stretched budget

July 16th, 2023

Awake Goy

Turkey raised tax on petrol on Sunday to help to fund a 1.12 trillion lira ($42.2 billion) increase to its 2023 budget after February's earthquakes and the May presidential election sent spending soaring. The additional fuel tax will help with a budget deficit that jumped to 263.6 billion lira in the first five months of the year, up from 124.6 billion lira a year earlier, but it could also stoke inflation that had declined to 38.21% in June from a 24-year high of 85.51% last October. The wider deficit was largely because of increased spending ahead of May elections, when President Tayyip Erdogan was elected for a third term, as well as on rebuilding work after the earthquakes in southern […] Source

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