Turkish Parliament passed on Wednesday a law that lowers corporate tax for manufacturing companies, introduces incentives to repatriate assets held abroad and extends tax advantages for financial services exports, according to the legislation.
Under the law, corporate tax for manufacturing companies will be reduced to 12.5%, from the current 25%.
An initial proposal of the law had envisaged 9% for manufacturing exporters and 14% for other exporters.
The law includes a scheme allowing money, gold, foreign exchange and securities held abroad to be brought into Türkiye until July 31, 2027.
Assets brought in under the scheme will be taxed 5%, but no tax will apply if they are held for five years in certain financial instruments.
The law extends a 100% corporate tax exemption on financial services export income at the Istanbul Financial Center (IFC), a hub for banks and financial companies in central Istanbul, until 2047.
The law also grants a 20-year income tax exemption on foreign-sourced income for individuals choosing to relocate to Türkiye.
