Turkey cuts taxes on basic food items in the face of soaring…

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(MENAFN) On Saturday, Turkey’s president declared a major drop in taxes on major food items as the country experiences significant inflation and several protests for deteriorating living standards.

Turkish President Recep Tayyip Erdogan has said value added tax will be reduced from 8% to 1% on food products. Its resolution will be announced in the Official Gazette and will begin to be carried out from Monday.

Erdogan said that in addition to the tax cut, the government expects food companies to cut costs by 7%. He said these good items contribute to a major segment of inflation.

Official data for January showed inflation rising to 48.69% annually, although individual experts have said the real figure is much higher, above 115%.

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