Turkey Cancels Hundreds Of Investment Incentıve Certıfıcates

- Turkey cancelled hundreds of investment incentive certificates in October, while new certificates were given to the investors operating in various sectors, according to the data published on the Official Gazette on Friday.

Number of the new investment incentive certificates stood at 293 in October, with a total 3.7 billion lira investment volume and targeting 11,659 new employment in almost all regions of Turkey. The companies were projected to import machinery and equipment for their facilities worth 685 million dollars with duty exemption.

The investors, will have value added tax and social security premium exemptions, through their investment incentive sertificates. The companies would have upto 90 percent reduction on their income taxes for 10 years. The investor companies will not pay social security premiums for their staff for 10 years and their interest payments on their investment loans would be reducted from their taxes.

In October, total 1,035 investment incentive certificates were cancelled, with total 4.11 billion lira investment volume, set to create total 35,684 employment. Turkey cancelled 333 investment incentive certificates in September, with total 3.33 billion lira investment volume.

This led to a total 1,446 investment incentive certificates cancellations in just two months, with 7.0 billion lira total investment volume and with projection of creating 54,567 new employment.