Turkey to cancel VAT for print publications

President Recep Tayyip Erdoğan on Sunday said Turkey would revoke its value-added tax (VAT) on print publications, business news site Patronlar Dünyası reported.

"There will be no VAT for books, magazines, and newspapers. In this way, we provide support publishers who lose out on digitalisation," the president said at the groundbreaking ceremony for the Istanbul Atatürk Cultural Centre.

On Jan. 1, Turkey increased the VAT for e-newspaper and e-magazines from 1 to 18 percent, and for e-books from 8 to 18 percent.

Treasury and Finance Minister Berat Albayrak also announced the decision on Twitter.

"The President gave the good news. We are providing great support to our publishers in the competition with digital publications. We abolish VAT for printed publications like books, magazines and newspapers," Albayrak said.