As part of the government's region-based investment incentive package, certain areas in Turkey are eligible to receive tax reduction, financial contributions, social security premium support as well as interest support for land allocation.
Due to the amendment to the incentive decree published in the Official Gazette, all investments in attraction centers fall within the scope of the sixth region incentive.
With the decision by the Council of Ministers, which amended the decree on state aid in investments, air transport was added to the provision to include maritime freight/passenger transport investments within the scope of fifth region incentives.
The provision of attraction centers and "strategic and big" investments in Kilis to benefit from the sixth region incentive was amended to benefit all investments.
With the amendment to the incentive decree published in the Official Gazette, investments in freight and/or passenger transport by air were included in priority investments. In addition to aviation investments for passenger/freight transport, the regional distinction for Istanbul in investments for aircraft repair and maintenance were removed and investments in this scope were included in fifth region incentives. In the aviation sector, airport and ground services will be able to benefit from fifth region incentives if they have a minimum investment of TL 5 million ($1.31 million).
If a company established in ground services costs over TL 200 million, it will be able to benefit from incentives within the scope of large-scale investments.
Legislation on the conversion of the incentive scope of the 23 provinces and Kilis, which were previously declared as centers of attraction by the government, to the sixth region has also been completed.
Investments previously located in these regions, which were either primary or large-scale, could benefit from the sixth region incentive. With this arrangement, all investments can benefit from the sixth region incentive.
On the other hand, with this regulation, investments in pasta, semolina integrated with pasta, ready-to-eat feed for pets, fishmeal, fish oil, fish-feed, nuts and pickles, frozen bread and frozen bread dough were included in the sixth region incentive. As part of investment incentives, the sixth region will receive a tax reduction of up to 90 percent, up to a 50 percent government investment contribution in organized industrial zones in eastern and southeastern regions, social security premium support for employees and employers from 10 to 12 years with no upper limit as well as 7 percent interest support ensuing from TL-denominated loans for land allocation.
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