Economy Reform Package Action Plan, recently unveiled by the Ministry of Treasury and Finance, plans to simplify the existing investment incentives system in Turkey by the end of 2021 and make it more selective and continuous.
Targets for investment incentives within the Reform Package unveiled by President Recep Tayyip Erdoğan, will be carried out by relevant institutions, including Ministry of Industry and Technology, Ministry of Treasury and Finance, Presidency of the Republic of Turkey Investment Office, and Presidency of the Republic of Turkey Strategy and Budget Directorate.
Gathered under three main headlines; the enactment of a law on protecting private sector investments, reforming state supports and reforming investment incentives system, actions under investment incentives will be completed starting by the first half of the year.
The new system for protecting private sector investments will be implemented by the end of this year, in order to increase predictability, reduce bureaucracy in investments, and solve problems encountered during the investment process. Also by the end of 2021, an “Investment Dispute Authority” will be established in order to facilitate and accelerate private sector investments, investment coordination units will be founded within the ministries, and the post-investment monitoring and coordination function of the Presidency of the Republic of Turkey Investment Office will be strengthened.
Until the end of March next year, the necessary amendments for data transfer abroad will be made on the Personal Data Protection Law, in accordance with the European Union’s General Data Protection Regulation (GDPR).