VAT on drugs to decrease
ISTANBUL- Hürriyet Daily NewsThe value added tax (VAT) on drugs will be decreased down to 8 percent from 18 percent in a bid to end the ongoing pricising dispute between government and drug producers, Turkish Ministry of Labor and Social Security announced yesterday.
“The value added tax on drugs will be lowered down to 8 percent,” said Minister Faruk Çelik said during an interview on broadcaster CNBC-E.
Moreover, he said, the ministry also readies to cancel the price reduction on 340 different types of drugs. “This will also increase the prices of these drugs eventually,” he added.
Turkish drug firms claim that drugs purchased through social security harms profitabilty of the firms significantly.