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Turkey gives tax breaks to private defence and energy projects

Turkey gives tax breaks to private defence and energy projects

The Turkish government will provide tax breaks and insurance support to 13 billion lira worth of private projects, including solar power and unmanned military aircraft, Turkish independent news site T24 reported on Thursday.

In a presidential decision published late Wednesday, Turkey announced it would provide customs’ tax exemption, VAT return, insurance premium support and income tax withholding support to projects including drone production, solar panel manufacturing and super-alloy materials plants, T24 said.

The expansion of solar energy capacity is one of the targets in the government’s vision for Turkey’s centenary year in 2023. The energy industry has been beset with financial problems and deferred investments since a currency crisis last year sent the economy into recession and reduced the value of the Turkish lira by some 30 percent.

Meanwhile, Turkey has stepped up its efforts to produce unmanned military aircraft, with Vestel’s Karayel project, the Kale-Baykar joint venture Bayraktar and Turkish Aerospace Industry’s (TAI) Anka.