Investment Office releases guide book

The Presidential Investment Office and global professional services network PwC have prepared a guide for foreign investors. The guide offers 10 insights from taxes to incentives to grow a business in Turkey.

"Drawing on conversations with hundreds of foreign business leaders looking to set up [their businesses] in Turkey, and their combined experience, the Investment Office and PwC have identified 10 key questions to which this guide seeks to provide some initial answers," said the authors.

Burak Dağlıoğlu, head of the Investment Office, said that the guide "provides a clear outlook of the Turkish tax system for international investors, as well as corporations, individuals, and business executives who are interested in investing, working, or doing business in Turkey."

"I would like to remind that the legal environment in Turkey has progressed in an investor-friendly fashion in recent years, thanks to the reforms implemented, particularly in the tax system and judiciary," he added.

While the economy reached an average annual GDP growth rate of 5.4 percent in the last two decades, Turkey attracted nearly $240 billion of foreign direct investments (FDI). With its FDI Strategy for 2021-2023, Turkey aims at expanding its share in global FDI from 1 percent to 1.5 percent by 2023.

Turkish and foreign companies are only taxed on earnings generated by the companies they operate in Turkey. The profits of companies operated abroad are not taxable in the country.