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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.

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