The attention in the iron and steel market today was focused on the changes to be made in VAT declarations and whether the Rebar Monitoring System (IDIS) application will enter into force as of January.
Law No. 7491 was published in today's Turkish Official Gazette. Accordingly, those who are held responsible for making tax deductions will be obliged to submit their VAT declarations to the relevant tax office until the evening of the 21st day of the month following the taxation period; They will pay their value added taxes for a taxation period until the evening of the 23rd day of the month in which they will submit a declaration.
These practices will enter into force as of January 1st, 2024.
Will the Rebar Monitoring System (IDIS) implementation start?
For the Rebar Monitoring System (IDIS) application, many factory representatives said that they have not yet received a clear information on the subject, and expressed their opinions that it will most likely not be implemented in January and will be postponed to the following months.
Prices at iron and steel mills continued to hover between $590-620/ton while trader-based prices recovered due to the uncertainties after the New Year.
Spot rebar prices by region, as assessed by www.steelradar.com on December 28, 2023, are as follows;
Istanbul rebar prices 21.700 TL (+400) / 736,41 USD (+13,57)
Izmir rebar prices 21.000 TL (+250) / 712,66 USD (+8,48)
Karabuk rebar prices 21.700 TL (+300) / 736,41 USD (+10,18)
Payas rebar prices 21.700 (+300) / 736,41 USD (+10,18)
1 USD = 29,47 TL
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