Infrastructure
Legislation to revive demand for free zones
Foreign Trade Minister Kürsad Tüzmen has said free trade zones in Turkey will again become attractive to investors when a bill on these zones is passed next year.
Speaking to the Anatolia news agency, Tüzmen recalled that the trade volume in Turkey’s free zones reached $24.5 billion in 2007, representing 9 percent of the country’s total foreign trade volume.
“In 2004, entrepreneurs including foreign investors found free zones unappealing because of the taxes that began to be levied on free zones; in other words, free zones became unattractive when the incentives were abolished,” he stated.
He noted that with the passage of the bill next year, the free zones will once again become attractive. The current law governing the zones went into effect in 1985. “With the new legislation, we will increase the advantages for users in the free zones, facilitate their transactions with banks and make the free zones attractive again.”
While they are within the borders of a state, free zones are exempt from payment of specific duties, taxes and certain provisions on price, quality and standards.
Source: Today’s Zaman
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