Turkey’s Mining Fiscal Regime: H1 2014

The country’s mining industry is governed by the Ministry of Energy and Mineral Resources. Mining Law No. 3213 of 1985, amended by Law No. 5177 of June 2004, provides both local and foreign investors with a more investment-friendly environment.

Scope

The report outlines Turkey's governing bodies, governing laws, mine ownership and licenses, rights and obligations and key fiscal terms which includes royalty, corporate tax, capital gains tax, loss carry forward, property tax, withholding tax, tax incentives, stamp duty, motor vehicle tax, depreciation tax and VAT.

Key Highlights

• The country’s mining industry is governed by the Ministry of Energy and Mineral Resources.

• Mining Law No. 3213 of 1985, amended by Law No. 5177 of June 2004, provides both local and foreign investors with a more investment-friendly environment.

• The Ministry of Energy and Natural Resources is responsible for streamlining the use of energy and mineral resources to reduce Turkey’s dependency on external sources and to make the greatest contribution to the country’s welfare.

• Under Turkey's mining regime, underground resources come under state ownership and disposition. According to the regime established by the mining legislation, the state has the right to explore mineral resources and supervise mining individuals or mining companies for specific periods by issuing licenses, subject to royalty payments made.

Reasons to buy

To get an overview of Turkey's mining fiscal regime.

Companies mentioned

Table of Contents

1 Executive Summary 1

2 The Turkish Mining Industry – Governing Body 5

2.1 Ministry of Energy and Natural Resources 5

3 The Turkish Mining Industry – Governing Law 6

4 The Turkish Mining Industry – Mining Ownership and License Types 7

4.1 Ownership of Minerals 7

4.2 Mining License 7

4.3 Exploration License 7

4.4 Operation License 7

4.5 Operation Permit 7

5 The Turkish Mining Industry – Mining Rights and Obligations 8

5.1 Rights 8

5.1.1 Mining rights 8

5.1.2 Transfer of mining rights 8

5.1.3 Surface rights 8

5.1.4 Discovery rights 8

5.1.5 Rights of easement and usufruct expropriation 8

5.2 Obligations 9

5.2.1 Exploration and operation license 9

5.2.2 Operation permit 9

5.2.3 Mining areas 9

5.2.4 Production and dispatch 9

6 The Turkish Mining Industry – Key Fiscal Terms 10

6.1 Duties and Security Deposit (Guarantee Fee) 10

6.2 Royalty Rates 10

6.3 Corporate Tax 10

6.4 Capital Gains Tax 10

6.5 Loss Carry Forward 10

6.6 Property Tax 10

6.7 Withholding Tax 10

6.8 Tax Incentives 11

6.9 Stamp Duty 11

6.10 Motor Vehicle Tax 11

6.11 Depreciation Tax 11

6.12 Value Added Tax (VAT) 11

7 Appendix 12

7.1 What is this Report About? 12

7.2 Methodology 12

7.3 Secondary Research 12

7.4 Primary Research 12

7.5 Contact GlobalData 13

7.6 About GlobalData 13

7.7 GlobalData’s Services 14

7.8 Disclaimer 15

List of Tables

Table 1: The Mining Industry in Turkey – Fiscal Regime Terms and Other Taxes 1

Table 2: The Mining Industry in Turkey – Withholding Tax Rates (%), 2014 10

Table 3: The Mining Industry in Turkey – Depreciation Tax Rates (%), 2014 11

List of Figures

Figure 1: The Mining Industry in Turkey – Commodity Mines at Different Stages 1

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