Turkey Raises Fuel Tax By 200% As Budget Deficit Soars ...Middle East

Turkey raised on Sunday its special consumption tax on fuels by 200%, which resulted in 21% more expensive gasoline and diesel at the pump, as Recep Tayyip Erdogan looks to raise budget revenues after massive spending for rebuilding from the February earthquake and for the May presidential elections that saw the Turkish President securing another five years in office. Turkey’s public finances have deteriorated as the country has had to pay much higher prices for energy imports and has earmarked funding for rebuilding the areas hit by the…

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