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Turkey to cut import tax for textile exporters
25 May '11
1 min read
Textile exporters in Turkey who assemble products with imported material would benefit as the Government plans to reduce taxes on such imports, according to state Minister Hayati Yazici.
At present, textile exporters are under a heavy tax burden as nearly 40 percent tax is levied on imported material that is used for exports. The Minister estimates that a tax cut would reduce the costs of Turkish textile retailers by US$ 1.5 billion annually.
Talking about the aspects of the Turkish Retail Sector Strategy Plan, which the Government is planning to implement, the Minister explained that it will not be necessary for exporters to obtain permission from customs while assembling imported products for export.
Under the new Strategy Plan, there will be an option to recall export products from bonded warehouses in case any problem arises. Also, in order to increase the global competitiveness, there is a plan to transform Turkey's bonded warehouses into logistic centres.
At present, textile exporters are under a heavy tax burden as nearly 40 percent tax is levied on imported material that is used for exports. The Minister estimates that a tax cut would reduce the costs of Turkish textile retailers by US$ 1.5 billion annually.
Talking about the aspects of the Turkish Retail Sector Strategy Plan, which the Government is planning to implement, the Minister explained that it will not be necessary for exporters to obtain permission from customs while assembling imported products for export.
Under the new Strategy Plan, there will be an option to recall export products from bonded warehouses in case any problem arises. Also, in order to increase the global competitiveness, there is a plan to transform Turkey's bonded warehouses into logistic centres.
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