EXEMPTIONS ON INCENTIVES

There are four Laws on incentive exemptions in TRNC; Tourism Industry, Incentive, Technology Development and Renewable Energy Law. The government provides many exemptions and support on investments made for the development of the country and within the scope of identified laws.

One can benefit from the followings with the aim of establishing a touristic facility and once the project is confirmed by the Ministry;

   ● They can benefit from public lands by means of rent,

   ● Materials, furniture, and means of transportation imported abroad are exempted from Customs Duties,

   ● Credit and/or Credit interest return can be received to support investments,

   ● First ten taxation periods as of the operation date of net profits is exempted from corporate and income tax,

   ● Building license can be exempted from relevant tax, duties, and charges,

Under Incentive Law, local or foreign natural or legal persons who will contribute the economic and social development of the country confirmed by State Planning Organization are enabled the followings;

   ● investment allowance is given at a rate of 200%,

   ● imported goods are exempted from custom duties and funds,

   ● imported and local machines and equipments may be exempted from Value Added Tax pursuant to articles is               Value Added Tax.

Under Technology Development Law, companies established to develop current technology and to create new product, method, and software system and or provide the development of science and technology;

   ● can benefit from the budget preserved by the Ministry, and

   ● exempted from Income and Corporate Tax for five years (if necessary this period can be prolonged).

Investments which increase energy source diversity, provide the protection of environment, support sustainable energy production, contribute to reduction of energy importation and help the development of production sector are enabled the followings under Renewable Energy Law;

   ● Project licensing is exempted from all kinds of tax, duties, and charges,

   ● The entrance of instruments equipments, materials and products to be imported abroad to country for the project is        exempted from all kinds of fund, tax, duties and charges,

   ● The Cabinet can take necessary considered measures and provided deemed appropriate incentives on proposal of          the Ministry to provide the use of equipments, instruments, materials and products produced inland in energy                 production systems or facilities. 

1112445
Ip : 3.80.223.123