All properties and services that will be provided to the project company for construction and alteration works for the Trans-Anatolian Natural Gas Pipeline Project (TANAP) will be exempt from value added tax.
The amendment of the international agreement for the TANAP system to be constructed between Turkey and Azerbaijan was published in the Official Gazette today. Accordingly, the liabilities related with the reserve fund imposed by the international codes will not apply for the company undertaking the works related with the Project, its branches or affiliates. The company will not be obliged to reserve funds required by the International Reporting Standards for depreciation and amortization. The VAT exemption will apply as of Jan. 1, 2014. The Resource Utilization Support Fund arising out of the imports of the project affiliates may also be exempted by a decree of the Cabinet.
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