Deputy Prime Minister Nurettin Canikli said a draft legislation package to improve the investment environment has been offered to the cabinet of ministers, and the package will include comprehensive regulations on many issues, including problems facing foreign direct investors in Turkey. While the Cabinet meeting continued, Canikli held a press conference to disclose some of the new regulations regarding taxes that will be made to improve the investment climate. Regulations on stamp duty and firm establishments will be made to reduce transaction costs for investors and stamp taxes will be applied to just one copy of contracts. Furthermore, investors will be exempted from real estate taxes with the objective of encouraging investment in lands.Buildings to be constructed as part of investment, as well as incentive certificates, will be exempted from fees and real estate taxes for five years. New regulations will bring 100 percent discount on expenditures on research and development (R&D) activities and the revenues of trading corporations. In cases which public procurements are cancelled, the stamp duty paid on procurements will be returned.
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