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Turkish PM Proposes Tax Cuts Ahead Of Elections

by Lorys Charalambous, Tax-News.com, Cyprus

07 April 2015


Turkish Prime Minister Ahmet Davutoglu has announced a package of proposed measures to boost employment, largely through new tax incentives.

A total of 11 measures are planned, worth TRY7.5bn (USD2.9bn), including an increase to corporation tax deductions for capital investment, of between 50 percent to 80 percent, depending on the location of the business. Start-up ventures will also be offered tax breaks of up to 35 percent.

Companies who offer apprentices a minimum wage may be able to deduct these initial wage payments against their tax liability, and they may be eligible to an exemption from social security contributions for up to 42 months thereafter, if the trainee is offered permanent employment. Other measures aim to improve businesses' access to seed capital and slash red tape.

With elections due to be held in June, Davutoglu stressed his Government's prior successes in creating jobs and its commitment to strengthening the manufacturing sector.

TAGS: tax | investment | business | tax incentives | fiscal policy | social economy | small and medium-sized enterprises (SME) | tax breaks | tax reform | Turkey | business investment

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