Reducing the tax rate on agricultural vehicles
Economy
Thu, 5 Oct 2023 10:12 GMT
VAT (FPA) tax on agricultural vehicles is being reduced. With the amendment submitted to the parliament, the tax on many agricultural vehicles will be reduced from 24 per cent to 13 per cent.
Accordingly, the FPA tax is reduced to 13 per cent on many agricultural vehicles and products such as agricultural and forestry tractors, agricultural machinery, equipment and tools, liquid pumps, mobile silos, greenhouses, mobile water tanks. It was stated that the new tax rate will be effective from 1 November 2023. In this way, it is reported that the prices of agricultural vehicles are expected to decrease in the coming period.
On the other hand, it was stated that the FPA rate will be reduced to 4 per cent in the works to facilitate the movement of disabled people. It was noted that the tax rate will be reduced to 3 per cent on the islands.
