Imtilak Properties

The Ministry of Finance in the Republic of Turkey intends to make several amendments to the Tax Code to encourage investments in the real estate sector.

Minister of Finance Naji Agbal stated that the Turkish government is in the process of initiating a bunch of tax reforms in the People's Assembly currently to approve tax cuts applicable to individuals and investors alike. He added that the government has taken serious steps in this regard to give impetus to the real estate sector, which is today one of the most vital sectors of the Turkish economy.

The Minister of Finance added that the Turkish government has introduced gradual amendments to the tax law as of 2013, and similar procedures are being implemented for many tax items, especially income tax, and the minister said that the coming period will witness additional cuts in the income tax.

Minister Agbal stated that the ministry has submitted a draft amendment to VAT and real estate tax. The project is expected to be presented for approval in the Turkish People's Assembly within a period of one to two weeks.

Agbal concluded by saying that the coming period will witness many processes and procedures that will facilitate tax payment procedures in addition to granting exemptions to many vital economic fields in Turkey, including the real estate sector.

Source: Emlakkulisi