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Turkey Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
80,845,215 (July 2017 est.)GDP (PPP)
$2.133 trillion (2017 est.)Largest economy in the Middle East
GDP growth rate
5.1% (2017 est.)Growth in Turkey has been very high since the early 2000, it slowed in the previous years but has now rebounded to high levels
GDP (PPP) per capita
$26,500 (2017 est.)Medium
Local currency
Turkish Lira (TRY)Weak currency which depreciated sharply in recent years
Financial stability (Public debt)
29.6% of GDP (2017 est.)Low
Inflation
10.9% (2017 est.)High
Language
TurkishVery low English proficiency (79/100)
Corruption perception index (Source: Transparency International)
81/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
18% standard VAT rate on the delivery or import of goods and services Reduced rates: 8% (List No I: agricultural products), 1% (List No II: basic food stuffs, textiles)
Corporate Tax
22% standard corporate tax rate
Duties
With the exception of certain goods (e.g. agricultural products), no customs tax is incurred on trade between Turkey and the EU as long as the goods are imported to Turkey with an A.TR movement certificate proving that the goods are in free circulation in the EU
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