Tax reform

First-quarter budget data are generating concern as state revenues continued to show strong signs of fatigue, particularly the course of indirect tax takings.

A total of 128,923 properties were sold across Turkey in March, marking a 10 percent year-on-year increase due to cheaper loans and tax incentives. 

Data from the Turkish Statistics Institute (TÜİK) showed on April 24 that the mortgaged sales amounted to 50,424 units in March with a 30 percent increase compared to the same month of 2016. 

U.S. President Donald Trump's promised "big announcement" next week on overhauling the U.S. tax code, a top campaign pledge, will consist of "broad principles and priorities," an administration official said on April 22.

The president unexpectedly said on April 21 at a Treasury Department event that there would be "a big announcement on Wednesday having to do with tax reform."

Over the next three months one thousand cubic meters of gas will cost BGN 363, exclusive of VAT, excise duty and transmission fees.

Because of the price hike, during the week central heating and hot water prices are expected to go up by 18 to 37% for the different district heating companies. The price of electricity is going up by 1%.

It has been decided that theprice of water will go up by 18%, confirmed the chairman of the Energy and Water Regulatory Commission (KEVR) Ivan Ivanov.

As announced by BNR, as of April 1, 1 cubic metre of water in Sofia will cost BGN 2.16 (VAT included).

This is BGN 0.34 more than the current price.

Turkey's property sector has welcomed a new law that allows the introduction of value-added tax (VAT) exemption for foreigners who make real estate investments in the country, speculating that the sales to foreigners would soar. 

With a cabinet recent decision, there will be no Special Consumption Tax (ÖTV) on appliances, yachts, boats, cruise and excursion ships and no stamp tax on real estate.

The recent lowering of VAT for purchases of yachts, apartments and white goods, as well as the offering of several other facilitations, are good for both the consumer and the turbulence-hit sector. 

The Central Election Commission has announced a public procurement order for 12,500 machines for electronic voting for the snap parliamentary elections on March 26.

The decision was published on the website of the commission at 22:00 hrs on Friday.

Having accepted that it will have to legislate new measures in order to conclude the bailout review, the government is hoping to also pass some tax breaks to counterbalance the impact.