Turkish President Recep Tayyip Erdogan attends a press conference with Serbian President Aleksandar Vucic in Belgrade, Serbia, on Friday. [Zorana Jevtic/Reuters]
Turkey’s ruling AK party has submitted a bill that would raise €2 billion annually for the country’s defense industry fund, said Abdullah Guler, chairman of the party’s parliamentary group.
The bill also contains new measures to support investment.
Guler said the bill should raise 70-80 billion lira (€1.86-€2.13 billion) annually for the defense industry fund, which is used to support and develop the sector. The fund had an income of 135 billion lira (€3.59 billion) last year, according to the Court of Accounts.
Companies and individuals would make additional contributions to the fund based on their tax returns and credit card limits, under the proposal.
Turks also paid a contribution when they bought or sold real estate or cars, and when they did other transactions that require notary approval.
The draft bill proposes to delay the tax impact of the inflation adjustment for ongoing investments so that they are more predictable.
The bill would also levy a special consumption tax on non-military drones and watches costing more than 5,000 lira (€133).
Motorcycles with engine capacity less than 100 cc and 6KW would also be subject to motor vehicle tax under the bill. [Reuters]
