Turkey’s Revenue Administration (GIB) announced, on 3 July 2024, that it raised the fixed special consumption tax (SCT) on petroleum products by 19.49%.
The petroleum products, listed in Schedule I of the SCT Law that are subject to increased SCT include unleaded gasoline (95 octane and 98 octane), diesel, distilled marine fuel, natural gas, liquefied petroleum gas (LPG), motor oils, compressor oils, and turbine oils.
Under Article 12(5) of the SCT Law, these fixed tax amounts for petroleum products will be adjusted automatically every January and July. According to the Turkish Statistical Institute, the adjustments will be based on the change in the domestic producer price index over the preceding six months.
The 19.49% increase in the fixed tax amounts will be based on the price changes monitored between July and December.
The revised SCT for petroleum products will go into effect from 3 July, 2024.
