Nike halts online sales in Turkey amid new tariffs
Date
8/11/2024 8:15:27 AM
(MENAFN) Nike has temporarily suspended online sales in Turkey through its website and mobile app, following a recent Turkish decision to increase customs duties on international online purchases. The American sportswear giant issued a statement on its Turkish site explaining that it could not ensure timely and smooth delivery of orders under the new customs regulations, prompting the halt in online transactions. The company indicated that it is currently evaluating how these changes affect the shopping experience for Turkish customers.
The suspension comes in response to new Turkish regulations that significantly altered the threshold and tax rates for online purchases. Last week, Turkey lowered the exemption threshold for taxing individual online purchases from abroad to 30 euros (about USD33) from 150 euros. Additionally, the tax rate was increased to 30 percent from 20 percent for goods purchased from the European Union, and to 60 percent from 30 percent for products bought from other countries.
Despite this move, Nike continues to operate in Turkey through its physical retail stores and those of its partners. Turkish Trade Minister Omer Bolat stated that the new customs measures are designed to mitigate negative effects on market share and employment, particularly for local shopkeepers and small to medium-sized businesses, as well as to address concerns about foreign currency loss.
MENAFN11082024000045015682ID1108541681
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.