Turkey excludes GCC investors from tax payment, says official

GCC investors will no longer need to pay taxes to the Turkish government, amid efforts to boost Turkey's economy. (File photo: Reuters)

The Turkish government announced exclusion of GCC investors from paying taxes, according to Turkey’s Consul General in Saudi Arabia, reported Al-Yaum newspaper.

Turkey witnessed a notable surge in projects by Saudis and other investors from the GCC, which led to the decision that primarily aims at maintaining a welcoming environment for investors in Turkey, Fikret Ozer, Turkey’s consul general in Saudi Arabia, told the newspaper.

Many Saudi investors refrain from foreign investments because of the taxes imposed by foreign governments, Ahmed al-Marbai, member of the Industrial Committee at the Jeddah Chamber of Commerce and Industry, who invests in Turkey, told Al-Yaum as he welcomed the decision.

Numbers of Saudi investors in Turkey are on the rise after the government facilitated regulations and amended a few laws, allowing Saudi nationals to register owned lands and residences under their own name rather than a company name, as previously the case, added al-Marbai.

Saudi Arabia and Turkey announced a defense pact last May, reported the Saudi Press Agency (SPA).

Both officials "reviewed military cooperation relations between the two countries and ways of enhancing them and discussed the latest developments at the regional and international arenas," the agency reported.

Turkeys interest in maintaining relations with the Kingdom over several sectors is undeniable, as the country announced its aim to double the number of Saudi tourists from 200,000 in 2012 to 400,000 tourists by the end of 2013, reported Aleqtisadiah newspaper.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40