New tax cuts take effect today

Today’s Zaman - A series of new tax reductions introduced by the government as part of the fifth stimulus package to address the negative effects of the ongoing global financial crisis will take effect today. With the new tax reductions, to be in place for a three-month period, until June 30, the government decided to decrease fees on title deeds to 0.5 percent, cut the value-added tax (VAT) on furniture and electronics from 18 percent to eight percent, reduce the VAT on office machines used by small and medium-sized enterprises (SMEs) to eight percent and decrease the real estate tax to eight percent. The decision was published in the Official Gazette's Sunday edition and enters into force today.