The New Year signals tax increases in Turkey and the changes are likely to be agreed by the end of the week.

The official gazette, Turkey’s legal and legislation communication system, will published details of the 2011 special consumption tax rates (OTV) shortly.

If the Turkish government chooses to increase these taxes the new tax rates will more than likely be applicable from 1 January 2011.

Expect taxes on booze, fags, fuel and other taxes to all increase.

With administrative fines having recently been increased by 7.7 percent we expect car tax and other taxes to follow with similar hikes.

If you have spare cash then you could stock up before the 1st to avoid the increases in the short term.

We will bring you more news when the official announcement is published.