Turkey Gazettes Communique on Tax Incentives Concerning Electric Vehicles

The Turkish Official Gazette April 7 published General Communique No. 22, amending Communique No. 1 with respect to tax incentives related to electric vehicles. The communique includes measures: 1) providing manufacturers a cash incentive or SCT deduction on investments in research and development (R&D) that result in electric vehicle production, through Dec. 31, 2035; 2) amending a temporary cash incentive, or corporate income or special consumption tax (SCT) deduction, of up to 56.5 percent provided on first acquisitions of electric vehicles through Dec. 31, 2032; 3) specifying return and documentation requirements; and 4) providing examples. The communique enters into force ...