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    Turkish finmin says no tax cut for auto sector

    HotNewsTurkey Staff
    31 Ekim 2008 - 16:17Son Güncelleme : 31 Ekim 2008 - 16:27

    The Turkish government will not introduce any tax cuts to the automotive sector, since it will increase imports, Finance Minister Kemal Unakitan said on Friday.

    "We need to keep the budget tight. Don't expect any move from us that will raise imports for the automotive sector. There will be no excise tax (OTV) cuts," Unakitan said adding that that there will be no tax cuts for any goods in this term, the Anatolian Agency reported.

     

    Turkey’s automotive industry representatives have been asking government to cut excise tax implemented for cars in order increase local demand. Leading automobile manufacturers including, the Ford Motor Company's Turkish subsidiary and Renault have suspended works on production lines for periods of up to a week citing a cut in demand.

     

    "A total of 75 percent of cars sold in Turkey are imported. What will be the result of a tax cut or incentives for automotive companies? It will increase our imports even more. It will increase our foreign exchange requirement," Unakitan also said.

     

    Photo: DHA

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