Wealth Fund Operation for Domestic Cars

asset fund operation for domestic cars
asset fund operation for domestic cars

The "domestic car" project, which was brought to the agenda with a big advertisement conducted by President Erdoğan, is on the agenda again after the stagnation in the days of the epidemic. It is stated that this time the project, which is said to be established, will be transferred to the Asset Fund, can be used to transfer billions of lira to the bosses.

Land can be searched for resources by showing mortgages!

Hasan Toktaş, a member of the İYİP General Board of Directors, claimed that the 4200-acre Turkish Treasury land allocated to the TAF was transferred to the Wealth Fund.

Stating that such a claim has been reached to them, but there is no clear information about the official step in this direction, CHP Bursa MP Erkan Aydın said, “We are talking about a big land here. One million square meters of a 4 million square meter land would be allocated for the factory. With this claim, one thing comes to mind, the land in question will be transferred to the Wealth Fund, and this place will be shown by providing mortgages to these companies from abroad, and credit. ”

Tayyip Erdogan on December 27, 2020 the day, Turkey's Cars Initiative usergroup to (TOGG), the real in the TSK's 4 million square meters in Gemlik 1 million square meters of announced that it will be allocated to be done factory "Love Kadir in the reminder," the TSK land Wealth Funds If the news to which it is transferred is correct, local automobile production will be carried out in partnership with the Wealth Fund. ”

"Venture Group, Turkey's most valuable in at least 1 million square meters of land and giving up as much money as we can not predict what will happen today, it is understood that it will be shared," said Kadir hate, evaluation continued as follows:

The method of the state's partnership with private companies means that companies are transferred free resources by the Public. Companies are paid and become partners that do not exceed 50% of their capital. Since their capital is below 50%, the government does not have a say in their administration.

'They can only find so much money from the Wealth Fund'
Tayyip Erdoğan said that the joint venture group established for the domestic automobile will invest 22 billion liras. They can only find this much money from the Wealth Fund. They're going to transfer billions of liras to the bosses, as we'll build a domestic car.

One of the purposes of establishing the Wealth Fund is to spread such practices.

What incentives were previously given to the bosses for the project?
The following items were included in the incentive package previously announced by President Erdoğan for the project to be carried out by Anadolu Group, BMC, Root Group, Turkcell, Zorlu Holding and TOBB:

  • Customs tax exemption,
  • VAT exemption,
  • VAT refund,
  • Tax deduction (tax deduction rate of 100%, investment contribution rate of 100%, rate of investment contribution amount that can be used in the investment period is 100%),
  • Insurance premium employer's share support (10 years),
  • Income tax withholding support (10 years),
  • Qualified personnel support (maximum 360.000.000 TL),
  • Interest and / or dividend support (maximum 13 years from the date of use of each loan, provided that it does not exceed 80% of the fixed investment amount and 10% of the interest and / or dividend paid),
  • Investment location allocation,
  • Purchase guarantee.

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