Turkey to enhance tax remissions area

Turkey is going to impose a tax remission on investment projects in coal production, Economy Minister of Turkey Zafer Caglayan said on Thursday.

Turkey to enhance tax remissions area

World Bulletin/News Desk

Turkey is going to impose a tax remission on investment projects in coal production, Economy Minister of Turkey Zafer Caglayan said on Thursday.

According to the report, the Turkish coal production sector was not included in stimulus and investment plans. According to the minister, the proposed amendments to the legislation covers the production of all kinds of high-calorie coals. In addition to tax benefits, they also provide for the provision of government grants.

Caglayan noted that tax credits and government grants will vary depending on the zone in which an investment is made: investments in the fifth and sixth region will enjoy greater benefits. The fifth and sixth zones are the most economically backward areas of Turkey located in the southeastern part of the country.

In June 2012, Turkey introduced a new package of measures for stimulating the economy. The provinces which will be covered by the stimulation process are divided into six zones according to their level of socio-economic development.

Large-scale capital stock investments with a minimum amount varying from 50 million to 1 billion lira will be involved in the process of stimulation in order to set up the production of petroleum and chemical products, and transport vehicles.

The official exchange rate for May 30 is 1.8642 TRY / USD.

Güncelleme Tarihi: 31 Mayıs 2013, 15:16
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