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Turkey Announces Development of Reform Package to Promote Investment — Orbitax Tax News & Alerts

On 13 June 2016, Turkish Deputy Prime Minister Nurettin Canikli announced that the government is developing a tax reform package to promote foreign investment into the country. The package includes:

  • Notary fees exemptions for company formation;
  • Stamp Tax exemptions for transactions related to high-technology production;
  • Property tax exemptions for buildings constructed and land obtained with incentive certificates for investment purposes;
  • Revision to transfer pricing rules to reduce compliance costs for international companies; and
  • Individual income tax exemptions for certain foreign employees working in Turkey.

The reform package must be finalized and sent to parliament for approval. Additional details will be published once available.