Dünya – Turkey’s newly introduced investment incentives will soon be extended to cover the expense that investors make in acquiring existing buildings, according to Turkey’s Minister of Economy, Zafer Caglayan. The existing system grants a deduction from tax only if the spending for a building or facility is made in accordance with the nature of the investment stated in the investment incentive certificate and not for the acquisition of existing buildings and facilities.

“The extension of the investment incentive system to cover building acquisitions will help the integration of idle buildings and facilities to our economy,” Minister Caglayan said at a press meeting in Ankara. Caglayan, specifically noting that the investors will only deduct the expenditure on the building or facility and not the land it is on, said that the new practice will increase the utilization of empty buildings and idle facilities for new investments. The extension will be available for all 6 incentive zones, he added.

The Ministry of Economy received 480 project proposals worth TRY5.5 billion (USD 3.2 billion) since the introduction of the new incentive system on June 19, Caglayan said, adding that 340 of the submitted projects totaling TRY 3.9 billion (USD 2.1 billion) were evaluated by the Ministry and granted incentive certificates.