"Turkey Raises Taxes on Luxury Goods
04.26.2005, 07:42 AM
The Turkish government boosted taxes on luxury goods to 20 percent Tuesday in a bid to curb the country's growing current account deficit.
The increase in the 'special consumption tax' was decided by the Cabinet on Monday and came into effect Tuesday.
Taxes were increased from 6.7 percent to 20 percent on some 60 goods considered to be luxury items, including books, hairspray, shaving cream and manicure and pedicure products. The list also includes fur, caviar, precious stones, glassware, silverware, video cameras, caviar, cordless telephones, perfumes and cosmetics. "
More:Update 1: Turkey Raises Taxes on Luxury Goods - Forbes.com