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.