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8 months ago
Tobacco, alcohol tax hike to add 3.24 bln lira to Turkey's 2017 budget - minister
December 1, 2016 / 11:55 AM / 8 months ago

Tobacco, alcohol tax hike to add 3.24 bln lira to Turkey's 2017 budget - minister

1 Min Read

ANKARA, Dec 1 (Reuters) - A Turkish tax hike on tobacco and alcohol will bring in an additional 3.24 billion lira ($936 million) in budget revenues in 2017, Finance Minister Naci Agbal said on Thursday.

Agbal told Reuters he expected the tax hike on tobacco to add 0.26 basis points to inflation, but that Turkey maintained its 7.5 percent inflation target.

On Thursday, Turkey raised the special consumption tax on alcoholic drinks and tobacco products, a move one official said would push up prices by some 3-6 percent.

The increase coincides with a sharp decrease in the lira currency, which is likely to stoke inflation, which at 7.16 percent is sharply above an official target of 5 percent.

$1 = 3.4619 liras Reporting by Orhan Coskun; Writing by Ece Toksabay and Tuvan Gumrukcu; Editing by Daren Butler

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