Turkey | New Production Reform Package aims at boosting Turkish economy
4 juillet 2017
Client Alert | Turkey | Investment
“The Law on Amendments on some Laws and on a Statutory Decree for the Improvement of the Industry and Supporting the Production”, also known as the “Production Reform Package” (the “Law”), which entered into force when published in the Official Gazette no. 30111 dated 1 July 2017 has brought many changes to Turkish legislation in many fields, in particular industry, education and taxation.
According to its preamble, the objectives of the Law are to boost the Turkish industry, create new industrial areas for domestic and foreign investors, expand existing industrial areas, conduct investment projects without delay and without being slowed down by bureaucratic processes, and grant state incentives to organised industrial zones, industrial zones, technology development zones, industrial sites, and free zones.
The amendments can be broken down into two groups: (I) the amendments that promote the domestic industry in a general manner and (II) the amendments that encourage domestic high technology production. However, it should be noted that the amendments aiming to promote the domestic industry will also be applicable to information technology and software producers which are qualifying as "manufacturers" for the purpose of this Law.
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