Turkey expects 6 billion TL tax revenue from cigarette hike
6 billion Turkish Liras tax revenue is expected to come into the budget by the end of the year due to hikes in cigarette prices in Turkey.
Excise duty revenue from cigarettes observed as 5 billion TL in June increased by 50.4 percent compared to the same month last year. In the January-June period, compared to the same period last year, the increase of 26.8 percent gained Turkey 24 billion 727 million TL.
The hike in cigarette prices is expected to affect inflation by about 0.89 percentage points.
Cigarette companies had previously made a 2-lira raise, and at the end of the week, they made a 3-lira raise.
The average cigarette price was 13.2 Liras in Turkey before the hikes. The price change is equivalent to 22.7 percent when the price increase of 3 liras is taken into account in all products.