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Turks will pay less

						The Turkish government has submitted a bill on the introduction of new tax benefits for financial institutions operating in the Istanbul Financial Center (IFC).
The central provision of the bill is to reduce the taxable profit to 75% for certified financial institutions in the IFC.

Exemption from bank and insurance taxes and stamp duty on financial transactions and services carried out by certified financial institutions, as well as exemption from fees for financial activities for a period of 5 years, are discussed.

Benefits are to be provided to employees of certified financial institutions in IFC who previously worked abroad, in particular: reduction of taxable labor income to 60% if the employee has at least 5 years professional experience abroad, and up to 80% if such experience is at least 10 years.

Financial institutions operating in IFC will also enjoy other benefits, including the provision of additional financing depending on the number of employees hired.
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