Turkey Lowers Tax on Tobacco Products

    Turkey has lowered the special consumption tax on cigarettes and tobacco products to 63 percent, reports Reuters, citing the Official Gazette

    The special consumption tax was previously 67 percent. The fixed tax amount will remain unchanged from levels announced in July for the first six months of 2021.

    The move could help ease upwards pressure on inflation. Alcoholic beverages and tobacco make up 6.06 percent of the inflation basket. Cigarettes make up a large part of that component.