Turkey: Automobile SCT tax bases and price/inflation effect

According to the Presidential decree published in the Official Gazette; The tax base limits have been increased for cars with an engine displacement of less than 1,600 cc and hybrid cars with an electric motor above 50 kW but less than 1,800 cubic centimeters.

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According to the Presidential decree published in the Official Gazette; The tax base limits have been increased for cars with an engine displacement of less than 1,600 cc and hybrid cars with an electric motor above 50 kW but less than 1,800 cubic centimeters. It was also staggered between 50% and 80% SCT segments. This is expected to reduce taxed prices for some segments and models. According to this;

 

·        The upper limit of 45% SCT applied to passenger cars was increased from 92 thousand liras to 120 thousand liras.

·        The 50% SCT limit was increased from 92K-150K to 120K-150K liras.

·        The new limit to which 60% SCT will be applied has been determined as 150 thousand-175 thousand liras.

·        The new limit to which 70% SCT will be applied has been determined as 175K-200K liras.

·        The max. tax base for hybrid cars on which 45% SCT was applied was increased from 114 thousand liras to 130 thousand liras.

·        The 50% SCT limit has been increased from 114K-170K to 130K-210K lira.

 

With the regulation, the price of some models with a tax-free price of up to 200 thousand liras will decrease both with the increase in the tax base and with the gradation of the SCT segments. It is expected that the prices of the models that will be affected by the regulation and the tax bracket will fall from 80% to the 60-70% band, will be reduced between 5.5% and 12.5%. We calculate the weight of passenger cars in the total inflation basket as 7.2% (3.07% diesel, 4.13% gasoline). The market share of A, B and C segment vehicles, where consumer preferences predominate, is approximately 90%. According to Automotive Distributiors’ Association December data, the market share for vehicles with an engine volume of less than 1600 cc, which is subject to the regulation, is 89.3%. We calculate the weight of the said instruments in the general inflation basket over these rates by approximately 6%. For models subject to tax deduction, we calculated an average discount rate of 9.75%. Although we foresee the weight of this in the inflation rate on the scale of 0.5 to 0.6 points, if we consider the price effects that will occur after mid-January and the new dealer price regulations, an amount equal to half of it alone will correspond to January inflation (taking into account the price collection dates and monthly average price methodology. ) will be reflected. This corresponds to an inflation reflection between 0.2 and 0.3. If we consider the lack of vehicles in stocks and the exchange rate effect on the tax-free prices of vehicles, there will be a limited impact on inflation.

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Turkey: Automobile SCT tax bases and price/inflation effect
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