In line with cuts announced by other countries to boost their local economies, Turkey is also planning to do the same by cutting Value Added Tax (VAT) and special consumption tax in the textile, garment and automotive sectors.
This tax cut will be applicable for a period of 2-3 months and is expected to be announced within the next few days. The country also plans to increase the capital adequacy ratio of Eximbank to 2 billion Lira from the current 1.5 billion Lira.
Cutting corporate or income tax is not on the agenda at present. The effects of the recession have hit hard the textile and automobile parts industry in Turkey and industrial output in January 2009, dipped by 20 percent y-o-y.
Fibre2fashion News Desk - India
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