A decision published in the Turkish Official Gazette showed that authorities imposed additional 20% duties on some gold imports, in an attempt to limit the negative impact of imports on the current account balance.
Gold imports from countries of origin that are not signatories to a free trade agreement and are not from EU members will be subject to additional duties in addition to existing import duties and other duties, the decision said.
Gold imports that will be subject to additional duties under the decision include gold jewellery and their parts and some jewellery made of base metals coated with precious metals.
Turkey’s current account deficit increase is primarily due to higher gold and energy imports, and the deficit reached $37.7 billion in the first five months of this year, up about 44% compared to the same period last year.
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