Turkey to Ease Construction Financing With Tax Code, Zaman Says

Turkey will ease financing pressures for construction projects larger than $300 million with a tax incentive allowing them to retain more capital, Zaman newspaper reported.

Construction companies will receive refunds at the end of each year for any value-added taxes they pay, whether or not the project is completed, the Istanbul-based newspaper said, citing unnamed officials from the Economy Ministry.

The change is expected to ease financing for large construction projects including hospitals and dams, the newspaper said.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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