Turkey slashes taxes on several products in bid to curb inflation

Baku, March 29, AZERTAC Turkey announces a value-added tax (VAT) cut on several products to counter inflation, the country’s president announced Monday, including hygiene products and medical equipment, according to Daily Sabah. “We have decided to reduce the VAT of products such as detergent, soap, toilet paper, napkins and baby diapers from 18% to 8%,” he said. Turkey’s annual consumer price index (CPI) jumped more than expected to a two-decade high of 54.4% in February.