Turkey's Cars Initiative Group (TOGG) details of the car that launched production of Turkey has been announced. According to the decision published in the Official Journal of the President of Turkey, Recep Tayyip Erdogan signed, Turkey will be established in Bursa production facility and the car will be given to projects based on state aid.
Turkey's Automobile Industry and Trade Enterprise Group Inc. The total fixed investment amount of the facility will be 22 billion. The duration of the investment is determined as 30 years starting from 2019 October 13, which is the starting date.
4 thousand in Turkey's automobile production plant will employ 323 people, and these people will be 300 qualified personnel.
5 MODEL PRODUCTION IN 175 MODELS
The production of the electric car will be 5 thousand per year in 175 models. Customs tax exemption, VAT exemption, 100 percent tax discount, 10-year insurance premium employer's share support, 10-year Income Tax withholding support, maximum 360 million lira qualified personnel support, interest and profit share With the support of investment location allocation and purchase guarantee will be provided. Provided that the interest and profit share support does not exceed 13 percent of the fixed investment amount and 80 percent of the interest or profit share paid, each loan will have a maximum of 10 years from the date of use.
TAX REDUCTION APPLICATION
The contribution to the investment will not exceed 31 percent of the investment contribution amount, which is required under the Corporate Tax Law No. 2032 to be used for a maximum of 960 thousand vehicles until December 5520, 56,5. The contribution amount to the investment can be made available by paying the excise tax paid due to the first acquisition of the vehicles produced within the scope of this investment, to the taxpayers in full or in cash, as of the quarterly calendar year.
QUALIFIED STAFF SUPPORT
Qualified personnel support will be applied for 20 years, not exceeding 5 times the monthly gross amount of the minimum wage for each qualified personnel.
INTEREST SUPPORT APPLICATION
31 percent of the interest or profit share paid by one or more brokerage firms until 2027 December 80 will be covered by the Ministry of Industry and Technology, provided that it does not exceed 13 percent of the fixed investment amount.
Interest or dividend support will be applied for loan repayments from the date the payment plan is sent to the ministry.
Interest or dividend support will be provided within the framework of at least one-year investment loans to be used from intermediary institutions established abroad or a certified public accountant report for investment financing or the notifications of the domestic bank that intermediates the loan.
In order to be able to make interest or profit share support payments, a sworn financial advisor report showing the fixed investment amount realized before each payment will have to be released to the ministry. The amount of interest or dividend supported loan to be used within the scope of the investment will not exceed 50 percent of the fixed investment amount realized as of the date of interest or dividend support.
The re-financing loan to be used as much as the balance portion of the existing loan will not be considered as an additional loan, and will be able to benefit from interest or dividend support, provided that the period specified in this decision does not exceed the date of use of the loan to be closed.
30 THOUSAND AUTOMOTIVE PURCHASE GUARANTEE
The purchase guarantee will be applied by the State Material Office (DMO) for 31 electric cars by December 2035, 30, in accordance with the procedures and principles to be determined.
Following the completion of the investment, the company will apply to the ministry for a completion visa. As a result of the appraisal process to be performed at the investment site, the completion visa will be made by the ministry.
The investor will be responsible if the investment cannot be realized within the specified period (including additional time), except for the reasons arising from the public.
In case the investor does not fulfill the obligations envisaged in the support decision, taxes that have not been accrued in time due to discounted corporate tax or exemption application and income tax withholding incentive will be taken back with the interest of delay without applying tax loss penalty, and the other supports will be taken back within the framework of the relevant law provisions.
In case the investment amount is below the predicted fixed investment amount; In the event that interest or dividend support, energy support, qualified personnel support and grant support are used within the scope of this decision, the maximum amounts specified for such supports will be reduced in proportion to the ratio of actual investment amount to the fixed investment amount and any additional beneficiary supports will be taken back.
To realize the projected total fixed investment amount until December 31, 2023 at least 3 billion 500 million pounds of cash capital paid to the company will be reported to the ministry by a certified public accountant.
The information contained in the support decision or investment incentive document may be revised based on the evaluation to be made by the ministry following the firm's request.