Turkey provides $33.7 billion worth of tax benefits for investment projects
Azerbaijan, Baku, 22 April / Trend A.Taghiyeva /
Turkey has provided tax incentives towards 3800 investment projects since a package of measures came into force to stimulate the economy in June 2012, Turkish Economy Minister Zafer Caglayan said.
The total cost of these projects was $60.5 billion lire. In March 2013, the Turkish government provided incentives to 504 investment projects worth a total of 12.9 billion lire.
Of the total number of projects provided with benefits for a 10 month period, 40 per cent cover the energy sector, 24 per cent the manufacturing sector, 19 per cent the service sector and 17 per cent mining, drinking water and natural gas production.
Alongside, 70 per cent of the projects are being implemented using local capital with 30 per cent being foreign capital.
In June 2012, Turkey introduced a new package of measures to stimulate the economy. The provinces covered by the stimulating process are divided into six regions according to their level of socio-economic development.
Large scale capital investment to set up production of petroleum products, chemicals and chemical products, transport vehicles, the minimum size of which varies from 50 million to one billion lire, will be attracted towards the process of stimulation.
The official exchange rate on April 22 is 1.7965 TL / USD.