So Mehmet Şimşek’s financial geniousness is to impose new taxes.

The western financial institutions who employed him should also be genius.

As of July 16, 2023, Turkey has implemented significant tax hikes on fuel. The fuel tax has been increased by almost 200% [2][4][5][6]. This increase in fuel tax is aimed at financing various expenses, including funding a 1.12 trillion lira ($42.2 billion) increase to Turkey’s 2023 budget[1][3][4]. The tax hike is also intended to help finance earthquake damages[2][5][6]. These tax hikes are expected to have an impact on inflationary pressures and may put additional strain on household budgets[5][6].

Citations:
[1] https://www.reuters.com/world/middle-east/turkey-increases-fuel-tax-it-bolsters-stretched-budget-2023-07-16/
[2] https://www.bloomberg.com/news/articles/2023-07-16/turkey-hikes-fuel-tax-by-200-to-finance-earthquake-damages
[3] https://english.alarabiya.net/business/economy/2023/07/16/Turkey-increases-fuel-tax-as-it-bolsters-stretched-budget
[4] https://www.tbsnews.net/world/turkey-increases-fuel-tax-200-it-bolsters-stretched-budget-666334
[5] https://news.bloombergtax.com/daily-tax-report/turkey-hikes-fuel-tax-by-200-to-finance-earthquake-damages-1
[6] https://news.bloombergtax.com/daily-tax-report-state/turkey-hikes-fuel-tax-by-200-to-finance-earthquake-damages-1

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