Foreign investors’ organization Fiki has expressed its apprehension about this matter. Industry players are requesting the government not to increase the turnover tax, citing the impact it could have on the industry’s revenue and overall government revenue. The introduction of a new 5 percent turnover tax could lead to a retail price increase of 20 to 30 percent for soft drinks, resulting in a significant drop in sales. If the new turnover tax is implemented, the product price will have to rise further, leading to decreased sales. The industry contributes approximately 1.10 percent to the country’s GDP and has been growing at a rate of 20 percent annually. However, further tax increases could hinder new investments and negatively impact GDP growth. The livelihoods of around 350,000 workers are at stake. Stakeholders are urging the National Board of Revenue (NBR) to implement fair and equitable tax measures aligned with the revenue strategy formulated until 2032.
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