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<\/p>\nHailing T\u00fcrkiye as the “island of stability” in the region amid recent conflicts, President Recep Tayyip Erdo\u011fan recently presented a series of new economic measures aimed at boosting investment, attracting global capital, and strengthening the country’s position as a regional financial and startup hub.<\/p>\n
At an event on Friday, Erdo\u011fan introduced a wide-ranging set of tax incentives aimed at strengthening T\u00fcrkiye\u2019s investment environment, including certain tax exemptions on foreign income, lowering taxes for manufacturing exporters and those targeting institutions operating at the Istanbul Financial Center (IFC).<\/p>\n
“By successfully managing one of the biggest security crises of recent years, T\u00fcrkiye has once again proven that it is an island of stability in its region. This war, which is reshaping the global economic order and value chains, has turned our country into a cornerstone of global economic stability,” the president said.<\/p>\n
“The old definitions describing T\u00fcrkiye merely as a bridge between East-West and North-South have proven insufficient. It is now clear that our country is not just a bridge or energy corridor, but an indispensable hub for energy and trade routes in the region,” he added.<\/p>\n
He also suggested that legal, administrative, financial and institutional steps are being taken to boost competitiveness, ensure sustainable high growth and strengthen the investment environment.<\/p>\n
He said that his government \u200bwill soon submit a comprehensive legislative package to Parliament aimed \u2060at boosting investment, competitiveness \u2060and growth, including a cut in the manufacturing exporters’ tax to \u200b9%.<\/p>\n
Among others, Erdo\u011fan said new regulations would encourage citizens and companies to bring their overseas assets into the Turkish economy.<\/p>\n
“We are implementing arrangements that will enable assets held abroad by our citizens and companies to be brought into our economy. In this context, we are allowing money, gold, and securities held abroad to be transferred to T\u00fcrkiye within a certain period at a low tax rate,” he said.<\/p>\n
Erdo\u011fan also announced expanded tax incentives for institutions operating at the IFC, including full tax exemptions on certain international trade activities.<\/p>\n
“With the regulations we will introduce, we are expanding tax advantages provided to institutions operating at the Istanbul Financial Center. We are increasing the current 50% tax deduction rate on earnings from transit trade and intermediary activities in overseas goods trading to 100%,” he said, noting that such earnings will be exempt from corporate tax.<\/p>\n
He added that similar incentives will be extended beyond the finance center, with 95% of earnings from transit trade activities outside the center exempt from taxation.<\/p>\n
Erdo\u011fan also said T\u00fcrkiye will also offer major incentives to attract global companies’ regional headquarters, including long-term tax advantages and income exemptions for qualified employees.<\/p>\n
Streamlining procedures<\/p>\n
He highlighted the introduction of a system to streamline investment processes, enabling all procedures, from company establishment to work permits and tax transactions, to be handled through a single, digitalized platform, dubbed “one-stop office.”<\/p>\n
On exports, the president announced further tax cuts to support exporters, particularly manufacturers.<\/p>\n
Erdo\u011fan also unveiled incentives aimed at attracting individuals living abroad and said individuals who have lived abroad and have not been Turkish taxpayers for the past three years will be exempt from taxes on foreign income for 20 years if they relocate to T\u00fcrkiye.<\/p>\n
“We will only tax their income, if any, for the country. In T\u00fcrkiye, we will apply a 1% inheritance tax for these individuals,” he stated.<\/p>\n
He also announced the launch of the first phase of the “Terminal Istanbul Project” to strengthen the country’s entrepreneurial infrastructure.<\/p>\n
He added that project-based guarantees will be introduced for large-scale investments to enhance predictability and minimize the impact of future tax changes.<\/p>\n
‘Resilience to absorb shocks’<\/p>\n
Stressing T\u00fcrkiye’s economic resilience, Erdo\u011fan said the country is now better equipped to withstand global shocks.<\/p>\n
“T\u00fcrkiye’s economy has gained the strength, capacity, and resilience to absorb much larger shocks compared to the past,” he said.<\/p>\n
Erdo\u011fan also said that the detailed framework of reforms will soon be shared with the business community and investors before being submitted to Parliament.<\/p>\n
“T\u00fcrkiye\u2019s path and future are open,” he said. \u201cDespite global economic storms, our economy now has the strength and resilience to absorb major shocks.”<\/p>\n
He highlighted that T\u00fcrkiye\u2019s economy has grown from $238 billion to $1.6 trillion over the past 23 years and emphasized the country\u2019s rising global standing.<\/p>\n
“T\u00fcrkiye is no longer the old T\u00fcrkiye. It is stronger in its economy, defense industry, infrastructure and diplomacy. Today, there is a powerful and influential T\u00fcrkiye whose star continues to rise.”<\/p>\n
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