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Turkey Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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
Turkish

Very low English proficiency (79/100)

Corruption perception index (Source: Transparency International)
81/180

High 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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