Special Consumption Tax (SCT) From Past To Today

Introduction

The 1990's hold significant importance by means of the developments that took place in the global economy. During the transition to the second half of the 1900's, the Federal Reserve increased interest rates, and the hot money flow changed its direction from East Asian countries to the West, the economic crisis of the Asian countries in 1998 caused the banks of Japan to lose 1 trillion United States Dollars and, then, the decrease of raw material prices led to an income loss in Russia, prompted Russia's ruble devaluation, and initiated problems that resulted in importers who were not able to pay their debts. Turkey, who exports 15% of its products to Russia, was also adversely influenced and faced a financial bottleneck in 1999.