Erdogan announces newx tax cut package

Campaigning in Cankiri yesterday, Prime Minister Recep Tayyip Erdogan Recep Tayyip Erdogan announced a series of new economic measures, including cuts in the value-added tax (VAT) for real estate and various other goods. Erdogan said that for three months they were lowering the VAT for business offices, shops, stores and other commercial properties from 18 percent to 8 percent in order to boost demand in the construction sector and help construction companies. He added that they were also cutting certain fees for buyers and sellers of real estate from 1.5 percent to 0.5 percent and the VAT on furniture, computer and information technology products, office equipment, and certain industrial agricultural and construction machinery from 10 percent to 8 percent.