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Öğe Investigation of the Impact of Changes in Value Added Tax and Special Consumption Tax Rates on Stock Returns(Maliye Bakanligi, 2019) Kandir, Serkan Yilmaz; Yakar, Soner; Elbir, GozdeValue Added Tax (VAT) and Special Consumption Tax (SCT) are taxes that can be reflected to consumers through price mechanism. Therefore, reduction in tax rates may lead to decrease in prices and consequently increase in sales. This situation may in turn enhance profitability of the companies. In this study, impact of reduction in VAT and SCT rates on the stock returns is examined by event study methodology. Event study is conducted for a tax rate reduction announcement and two consecutive tax rate reduction extension announcements in the years of 2018 and 2019. The reduction announcement appears to have a significant impact on stock returns, while extension announcements do not seem to effect stock returns significantly. Therefore, stock market appears to be efficient in semi-strong form.
