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Favourable Tax Environment for Business
Turkey signed various bilateral and multilateral tax agreements to establish a
favourable tax environment by defining standards of treatment for investors
and their investments, whilst also offering unique tax opportunities to foreign
investors.
In line with Turkey’s increasing endeavours to facilitate foreign investment, the
Turkish legislator places great emphasis on taking special care of foreign investments
following the promotion of a number of tax incentives over recent
years.
New International Financial Center
As part of the 2023 goals, the Turkish government’s landmark project is to
transform Istanbul into a prominent international financial center. The Istanbul
International Financial Center (IIFC) Initiative started in 2009. Its primary objective
is to promote Istanbul as a regional financial hub and a center for energy
and infrastructure projects.
IIFC will enable knowledge to be shared between partners in Turkey and aims
to attract foreign companies and elite financial experts by organizing panels
and media events. The USD 2.6 billion project is integral to Turkey’s plan to
make its economy one of the world’s 10 largest by 2023.
IIFC will house the head offices of the country’s financial market governing
bodies, state-owned and private banks, and related businesses. It will include
approximately 4.2 million square meters of office, residential, retail, conference,
hotel, and park space.