Turkey to realize key tax incentives after parliament reopens: Minister
DHA photoTurkey will launch a number of key tax incentives as soon as parliament reopens, Finance Minister Naci Ağbal has said, adding that the government is working on a plan to increase the share of investments and exports in Turkey’s GDP growth, which is mainly based on consumption.
“As soon as parliament opens, we will realize a number of key tax incentives in order to raise business productivity and the scale of growth in investments and exports. The realization of structural reforms that will enable Turkey to maintain its growth trend both in the medium term and in the long term is key for us,” Ağbal said in a speech at the 7th Istanbul Finance Summit (IFS) on Sept. 6, as quoted by Reuters.
He noted that Turkey would likely to grow slightly lower than its target of 4.5 percent this year, and investments and exports need to be boosted for a healthier growth trend.
“The country has kept its relatively high growth rates in recent years mainly by boosting consumption. But the investment and export items need to be strengthened as well,” said Ağbal.
According to data from the Turkish Statistics Institute (TÜİK), the Turkish economy grew 4.8 percent in the first quarter of this year. While domestic consumption pushed the growth rate up by 6 percentage points, net exports pushed down it by 1.5 points, with investments making little contribution.