The Turkish government has announced an increase in Value Added Tax (VAT) rates, which will affect yacht charters cruising the region. According to the recent Presidential Decree published on 7 July 2023, the general VAT rate in Turkey has been raised from 18% to 20%, while the reduced VAT rate of 8% has increased to 10%.
These new VAT levies are effective immediately from 10 July 2023, as stated in the press release. The adjustments aim to contribute to the country's economic stability and ongoing development.
It is important for charterers to be aware of the updated tax regulations when planning trips to Turkey for this summer and beyond.
Renowned for its picturesque coastlines and breathtaking landscapes, Turkey has long been a sought-after destination for luxury yacht and Gulet rentals.
Yacht charters in Turkey offer an exceptional experience for those seeking to explore its diverse coastline and immerse themselves in its rich cultural heritage. From cruising along the turquoise waters of the Aegean and Mediterranean Seas to discovering ancient ruins and vibrant coastal towns, Turkey provides a captivating backdrop for an unforgettable yachting adventure.
For further information on the revised VAT rates, or if you're interested in booking a Turkey yacht charter, please speak to your preferred charter broker today.