Turkish policymakers are implementing a long-term development strategy that prioritises innovation in business, science and technology. To this end, more emphasis is being put on research and development (R&D), as demonstrated by the increase in R&D spending from .5% of GDP in 2002 to .86% of GDP in 2011. Officials project that, by the...
Turkey has set ambitious goals to be reached by 2023, which represents the first centennial of the formation of the republic. Key 2023 targets include: becoming one of the top 10 economies in the world; achieving a GDP of $2trn and a per capita income of $25,000; and increasing exports to $500bn and foreign trade volume to $1trn. In addition to...
The Ministry of Economy has issued a number of new incentives to encourage investment in Turkey, along with plans to roll out even more such initiatives in the coming years. Similarly, the Ministry of Industry has issued a new set of incentives aimed at attracting investors in technology start-ups, as well as plans to create investment...
The Olympics have often served as international coming-out parties for host nations with emerging economies. Games held in Japan (1964), South Korea (1988) and China (2008) showed that hosting the Olympics and Paralympics can help establish or redefine a country’s global status. Having applied for Istanbul to host the 2020 Summer Games, and...
With more diversity and greater competition in its media and advertising sector than ever before – plus a wealthier population and a growing economy – Turkey has become a global leader in industry growth. The country’s steady economic expansion in recent years stands in contrast to the stagnation of many neighbouring states. European, Middle Eastern...
Turkey’s direct taxation system consists of two main taxes: income tax and corporate tax. An individual is subject to income tax on his income and earnings, similar to a company, which is subject to corporate tax on its income and earnings. The rules of taxation for individual income and earnings are provided in Income Tax Law 1960 (ITL), while the rules concerning the...
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