Kwasi Kwarteng Gives the Game Away on Fossil Fuel Tax Cuts
11 Articles
11 Articles
Kwasi Kwarteng gives the game away on fossil fuel tax cuts
As highlighted by Tax Justice UK, Kwasi Kwarteng has given the game away on taxing oil companies: Oops, Kwarteng said the quiet part out loud: cutting taxes for fossil fuel giants to l̶o̶w̶e̶r̶ ̶y̶o̶u̶r̶ ̶b̶i̶l̶l̶s push their profits higher. We say tax excess profits, cut bills, build renewables, break free from fossil fuel doom-loops. Agree?Act […] By Willem Moore
The INE corrects a tenth upwards the July inflation, which rose to 3.6% pressured by fuels and electricity
As the war in the Middle East caused Brent crude oil prices to skyrocket, diesel fuel rose to 81 lira, and a tank that previously cost 3,000 lira now costs 4,000 lira after a 25% increase; following the rise, a reduction in the Special Consumption Tax (ÖTV) came onto the agenda.
The special consumption tax (ÖTV) rates applied to certain diesel fuels have been redefined by Presidential Decree. The ÖTV will be zero per liter from August 13th to 31st, after which it will be gradually increased.
To mitigate the impact of rising oil prices on fuel costs, the Special Consumption Tax (SCT) on diesel fuel has been revised. By Presidential Decree, the SCT on diesel will be zero for the remainder of August.
The Special Consumption Tax (SCT) regulation, which directly affects diesel fuel prices, was published in the Official Gazette on August 13, 2026, and came into effect, zeroing out the SCT per liter for certain types of diesel fuel until August 31. While the tax burden was temporarily lifted with this regulation, it was announced that the SCT would increase by 3 lira each month starting in September, reaching 13.9006 lira in 2027.
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