Turkey submits bill to raise $2 billion annually for defence fund
ANKARA (Reuters) -Turkey’s ruling AK Party submitted a bill on Friday that would raise $2 billion annually for the country’s defence industry fund, Abdullah Guler, chair of the party’s parliamentary group said.
The bill also contains new measures to support investment.
Guler said the bill should raise 70-80 billion lira ($2 billion-$2.3 billion) annually for the defence industry fund, which is used to support and develop the sector. The fund had revenues of 135 billion lira last year, according to the Court of Accounts.
Companies and individuals would make additional contributions to the fund based on their tax statements and credit card limits, under the proposal.
Turks would also pay a contribution when buying or selling real estate or cars, and when making other transactions that require notary approval.
The draft bill proposes the tax impact of the inflation adjustment for ongoing investments be delayed to increase predictability.
The bill would also charge a special consumption tax on non-military drones and on watches that cost more than 5,000 lira.
Motorcycles with less than 100 cc and 6KW engine capacity would also be charged a motored vehicle tax under the bill.
($1 = 34.2869 liras)
(Reporting by Nevzat Devranoglu;Writing by Ezgi Erkoyun;Editing by Daren Butler and Christina Fincher)
