00:00The announcement last week is the first part of this reform effort.
00:10So I just wanted to provide you a bit of that.
00:13Now, the new investment framework, as we put it, it includes a few initiatives.
00:23Export more goods and services.
00:26Attract more talent, entrepreneurs, capital, bring it home.
00:35That's more encouraging local, you know, citizens to use Turkey as the center of their activities.
00:47And, of course, you know, placing Istanbul Finance Center as one of the regional, key regional hubs.
00:57Now, the first initiative is a zero corporate income tax on transit trade.
01:04So transit trade will be completely tax-free if the company is based in Istanbul Financial Center.
01:14So 100% tax exemption.
01:1795% tax exemption if it's outside of Istanbul Financial Center.
01:23Now, are we, you know, pioneers in this area?
01:28No.
01:29Essentially, this aligns Turkey's framework with Singapore, Hong Kong, and the Netherlands.
01:36So we're trying to establish a competitive merchanting jurisdiction.
01:42We're trying to establish new corridors.
01:44So clearly, Turkey is well positioned to take advantage of this.
01:51We had an incentive for transit trade, but we're just beefing it up.
01:58In 2009, when Istanbul Finance Center, you know, regulation was put in place,
02:05At that time, we had provided 50% tax exemption.
02:09Now we are expanding that to 100%.
02:12So that's nothing new.
02:14We're just scaling it up.
02:17We're going to take a radical step towards reducing corporate tax rate for exporters.
02:24So our standard corporate tax rate is 25%.
02:32Exporters, ordinary exporters, will now enjoy a major reduction there, you know, down to 14%.
02:43But if you are a manufacturer exporter, you know, corporate tax rate will be single digit, and that's 9%.
02:53So this is aimed at making Turkish exporters more competitive, but also attracting manufacturing FDI.
03:04Another initiative is export more, but this time services.
03:08We are extending the tax exemption on services exports to 100%.
03:16So the aim here is to target high-value services exports.
03:23Like software, video gaming, medical tourism, education, engineering, design, architecture, and more.
03:32So essentially, we're trying to capture a bigger market share that is resilient to global trade protectionism.
03:43Trade protectionism, trade fragmentation, currently strongly applies to goods.
03:51Chooserau —
03:53June 6th.
03:53Eg prosperity individual status.
03:53TORONTO
03:53MARLASI
03:53GAAB.
03:54Ero
03:54Ero Ero
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