The Act Regarding Establishment of the Istanbul Financial Centre is being published in the Turkish Official Gazette dated 28th of June 2022 and has entered into force.
The purpose of the law is to increase the financial competitiveness of the Republic of Turkey in the international arena, to contribute to the development and deepening of financial markets and products and services, to strengthen integration with international finance and capital markets, and thus to make Istanbul Finance Centre one of the leading global financial centres of the world.
In this regard, from the calendar year of 2022 to the calendar year of 2031, the Tax Exemption rate will be applied as one hundred percent for those operating in the Istanbul Financial Centre.
In this line, 60% of the income tax base of those who have at least five years of professional experience abroad, and 80% of the income tax base of those who have at least ten years of professional experience abroad, which can be obtained without considering the work permit evaluation criteria of foreign employees and without time limit, will be exempted from tax.
