July hike evaporated before it even reached the pocket! Huge SCT hike on cigarettes, alcohol and fuel

With the announcement of the June inflation data by TÜİK as 1.37 percent, the Special Consumption Tax (SCT) increase rate that will be valid in the second half of the year has also become clear. The automatic increase rate, which was made in line with the inflation data of the first six months, was determined as 15.71 percent.

In line with this rate, the fixed SCT amounts for fuel, alcohol and tobacco products will be updated. Tax increases are expected to be directly reflected in pump prices and retail products.

CIGARETTE PRICE INCREASES BY 8-10 LIRA

With the 15.71 percent tax increase on tobacco products, the lowest cigarette price is expected to increase by 8 to 10 TL. With this increase, consumer prices per pack are expected to increase significantly.

HUGE SCT INCREASE ON FUEL TONIGHT

The new Special Consumption Tax amounts to be applied to fuel products are expected to come into effect tonight. When the fixed Special Consumption Tax of gasoline, which is currently 11.9819 TL per liter, and diesel, which is 11.2327 TL, is increased by 15.71 percent, an increase of approximately 2.26 TL will be reflected in the pump prices for gasoline and 2.12 TL for diesel, together with the effect of VAT. Thus, the share of Special Consumption Tax in the total pump price will once again exceed 30 percent.

ADDITIONAL TAX ON ALCOHOL 214 TL

A similar update is foreseen for alcoholic beverages. For example, while the SCT of 1 liter of raki is currently at 1,365.72 TL, with a 15.71 percent increase, this amount is expected to increase by approximately 214 TL, reaching 1,579 TL.

Unless otherwise decided by AKP President Recep Tayyip Erdoğan, the final regulation is expected to enter into force tonight with the Official Gazette or the relevant administrative regulation.

Source: News Center