Turkey submits bill to raise €2 bln annually for defence fund

Turkey's ruling AK Party has submitted a bill that would raise €2 billion annually for the country's defense industry fund, Abdullah Guler, chair of the party's parliamentary group said.

The bill also contains new measures to support investment.

Guler said the bill should raise 70-80 billion lira (€1.86-€2.13 billion) annually for the defence industry fund, which is used to support and develop the sector. The fund had revenues of 135 billion lira (€3.59 billion) last year, according to the Court of Accounts.

Companies and individuals would make additional contributions to the fund based on their tax statements and credit card limits, under the proposal.

Turks would also pay a contribution when buying or selling real estate or cars, and when making other transactions that require notary approval.

The draft bill proposes the tax impact of the...