February 2, 2018 / 11:07 AM / in 5 months

Turkey to introduce incentives for production, exports, R&D, innovation and design - Finmin

ANKARA, Feb 2 (Reuters) - Turkey will introduce incentives and tax cuts in manufacturing and export industries, research and development, innovation and design to boost economic activity and increase savings, the finance minister said.

Incentives presented to parliament on Friday included tax cuts for new employment and new machinery equipment purchases for companies, as well as reduced consumption tax on purchases of new cars by people whose vehicles are more than 16 years old.

“The measures we are taking are introducing comprehensive and strong incentive mechanisms to boost employment, economic activity and savings,” Finance Minister Naci Agbal was quoted as saying in the bill seen by Reuters.

Total automobile sales in 2018 are expected to be between 925,000 and 975,000, it also said. More than a third of the total 22.2 million cars in Turkey are older than 16 years, sector analysts say.

Turkey’s first nuclear power plant Akkuyu, being built by Russia’s Rosatom, will also benefit from the incentives, Agbal said. The second nuclear plant Sinop, to be constructed by a Japanese consortium, will also be included. (Reporting by Nevzat Devranoglu; Writing by Ece Toksabay; Editing by Dominic Evans)

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