Passport buyers beware; huge raise is at the door

It is estimated that the valuation rate of passport fees will exceed 100 percent in the next year. After this valuation, passport prices are expected to increase at least twice.

For the revaluation rate, which was determined as 36 percent at the beginning of this year, the President did not use his authority to reduce or increase the rate in the passport fee. The Revaluation Rate was set at 9.11 percent in 2021.

How much are passport fees?

After the 36 percent revaluation, the prices of passport fees in 2022 were as follows:

Passport book increased from 180 lira to 225 lira.

Passport fee up to 6 months from 227 TL to 309 TL,

1 year passport fee is 450.8 TL,

2-year passport fee is 738 TL,

3-year passport fee is 1048.7 TL,

The cost of a 4-10 year passport increased from 1008 TL to 1478 TL.

Passport fee may be 945 TL

According to the news in Halk TV, the producer price index (PPI) increased by 144.61% compared to the same month of the previous year and by 97.30% compared to the twelve-month averages in July. As of the year, a historical increase may come.

Even if producer inflation is declared as “zero” in August, September and October, it will be certain that the revaluation rate will exceed 110 percent in 2023.

If the YDO is 110 percent at the end of the year, the 1-year passport fee will be 945 TL.

The cost of a 4-10 year passport will be 3 thousand 103 liras.

The President has the power to increase taxes or penalties up to half the revaluation rate or up to 50 percent more.

What is the valuation rate?

The Revaluation Rate is calculated according to Article 298 of the Tax Procedure Law.

Revaluation Rate refers to the average price increase rate in the Producer Price General Index (PPI) from October of the year to be revalued compared to the same period of the previous year.

The revaluation rate is determined at the beginning of November every year, when TurkStat announces the inflation rates for October. The Ministry of Treasury and Finance announces this rate to the public in the Official Gazette with a Communiqué.