Turkey provides tax incentives to over 920 investment projects

Business Materials 10 December 2012 20:32 (UTC +04:00)

Azerbaijan, Baku, Dec. 10 / Trend A.Tagiyeva /

The Turkish Government has decided to grant tax benefits to 925 investors and investment projects under the stimulus package of Turkish economy, adopted by the country's parliament in June 2012, Turkish Economy Ministry told Trend on Monday.

Turkey will provide tax incentives worth $ 20 billion to investment projects.

The ministry said the largest investment project, that received tax breaks, is the project of the Star refinery, implemented by SOCAR (State Oil Company of Azerbaijan). This project worth $ 6.6 billion places Izmir province first among the other provinces of the country in terms of investment volumes.

Istanbul ranks second in this list, followed by the province of Kocaeli, Hatay and Kahramanmaras.

Earlier, the Turkish government announced provision of tax incentives for the project of SOCAR's (State Oil Company of Azerbaijan) Star refinery in Izmir.

Exemption from value added tax and customs duties is provided in the frame of the project. Overall, a tax simplification up to 90 percent is planned, and the government will ensure VAT return during the construction of a plant

Turkey will also pay the minimum amount of insurance to employees of refinery during seven years and will allocate $50 million (five percent of the total) as an aid in the payment of interest.