New Legislative Package, as it is commonly referred to in Turkey, was signed into law by the President on March 27 2018. The Law provides for several investment incentives in support of employment, research&development as well as manufacturing.
New Legislative Package No.7103, as it is commonly referred to in Turkey, was signed into law by the President on March 27 2018. The Law provides for several investment incentives in support of employment, research&development as well as manufacturing.
Whereas the main focus is on incentives provided to manufacturing, the Law brings incentives for employers through governmental support for minimum wages, tax advantages for auto-producers in renewable energy, shortened depreciation periods for machinery purchases whose main purpose is research and development, favorable taxation practices to vehicles using electrical-engines compared to conventional internal-combustion engines, VAT exemption for industrial facilities in their machinery purchases until the end of year 2019, increasing of the governmental support for families intending to purchase their first residential estate.