4/5/2010

Government takes new steps to assist investors

  

Turkiye - The Turkish government is preparing to launch a new initiative to increase employment and boost economic activities. Often criticized as being “too complex” by the country’s business bodies, certain bureaucratic procedures involved in getting licenses and permits will soon be eradicated, helping the economy to function more swiftly and effectively. The result of these efforts will also end the waiting periods in certain fields of activity, thus improving the country’s investment environment.

 

The plan, entitled the Technical Committees Action Plan, prepared by the Coordination Council for the Improvement of the Investment Environment in Turkey (YOIKK), will be put into action this year. Prepared by 12 different committees working under the coordination of YOIKK, the 55 new measures consist mainly of legislative improvements. The new set of measures, grouped under 55 main topics, require a governmental institution to handle the coordination of each topic and adapt to strict timing constraints.

 

The action plan also includes a revamped income tax system, digitized customs operations, the creation of an inventory of investments and an increase in KOSGEB (Small and Medium Enterprises Development Organization) support for businesses. The action plan is to be fully implemented in December 2010.

 

turkey; investment; investment environment; investor assistance; yoikk; action plan; income tax

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