Treasure announced! Here are some steps taken under the Turkish economic model


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Many innovations have been made to the economy within the framework of the Turkish economy model. Initiatives involving companies and individual investors have contributed to Turkey’s growth in terms of investment, employment and exports.

Here are the steps taken under the Turkish economic model announced by the Treasury and Finance Ministry:

1- We have implemented new regulations in order to promote exports and increase employment by improving the business and investment environment.

* We have started to apply corporation tax with 1 discount point for industrial and export companies.
* We have reduced the withholding tax rate from 15% to 10% on dividend payments made by companies.
* We have made it possible to assess personnel working in technology development zones and R&D and design centers as part of withholding taxes on income.

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2- We provide commercial loans in areas that will strengthen our country’s economy with a selective approach.

* We launched the TL60 billion KGF support package for investments, exports and operating expenses.
* We have implemented the Turkish Lira Long Term Loan Program, which provides a total of TL 150 billion in loans to tourism exporters and investors with interest rates up to 9%.
* In order to support energy savings of up to 45% in residences, we have implemented the Home Thermal Insulation Loan with a maturity of 60 months and an interest rate of 0.99.

3- In order to encourage the use of savings in TL-denominated assets and to broaden the investor base, we have launched several applications.
* With the Currency Protected TL Deposit and Participation Account application, we have reduced the share of foreign currency deposit accounts in total deposits from 71% to 58%.
* By issuing domestic income-indexed debt, we have raised demand of approximately TL 6.6 billion from a total of 83,816 citizens.

4- With the establishment of the Gold Saving Ecosystem, which includes all refineries, we have brought physical gold under the pillow into the economy.

5- We have increased the state contribution in the Private Pension System (BES) from 25% to 30%

6- We have encouraged TL holding and holding accounts with tax regulations

* We have extended the withholding tax discount on TL holding and holding accounts until the end of 2022.
* We have granted a corporation tax exemption to earnings made by mutual funds with TL investment instruments in their portfolios.
* We have extended the application of the 0% withholding tax rate until the end of 2022 for time deposits and currency-protected holding accounts and gold-denominated holding and holding accounts.
* We have reduced the withholding tax rate on national government debt securities from 10% to 0% until the end of 2022.
* We have reset the withholding tax rate on corporate and non-resident citizen savings transferred to their conversion accounts within the YUVAM account.

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* We have entered into corporate and income tax exemption agreements that encourage foreign currency and gold accounts of income taxpayers and corporations to convert their foreign currency and gold accounts to TL as part of the secure deposit application in currency.
* We have reinstated the tax rate on banking and insurance transactions in currency sales made by the relevant bank to account holders using the end-of-term account balance of the TL holding and holding accounts.



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