Turkey’s Mining Fiscal Regime: H2 2014

Turkey has a variety of mineral resources, including iron ore, copper, nickel, cobalt, and gold. 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. 5995 of June 2004, provides both local and foreign investors with a relatively investment-friendly environment.

Scope

The report outlines Turkey's governing bodies, laws, licenses, rights, obligations and tax-related information which includes duties and security deposits (guarantee fees), royalty rates, corporate tax, capital gains tax, loss carry forward, property tax, withholding tax, tax incentives, stamp duty, motor vehicle tax, depreciation and value added tax (VAT).

Key Highlights

• The Ministry of Energy and Natural Resources (MENR) was formed in December 25, 1963, and is responsible for streamlining the use of energy and mineral resources to reduce Turkey’s dependency on external sources and maximize its contribution to the country’s welfare.

• The General Directorate of Mining Affairs (MIGEM), a unit under MENR, is responsible for regulating mining affairs in Turkey.

• Turkey’s mining regime is governed by the Mining Law No. 3213 of 1985, amended by Law No. 5995 of June 2010.

• Under Turkey's mining regime, underground resources fall under state ownership and disposition.

Reasons to buy

Gain an overview of Turkey's mining fiscal regime.

Companies mentioned

Table of Contents

1 Executive Summary

2 The Turkish Mining Industry – Governing Bodies

2.1 Ministry of Energy and Natural Resources (MENR)

2.1.1 General Directorate of Mining Affairs (MIGEM)

3 The Turkish Mining Industry – Governing Law

4 The Turkish Mining Industry – Ownership and License Types

4.1 Ownership of Minerals

4.2 Mining License

4.3 Exploration License/Certificate

4.4 Operation License

4.5 Operation Permit

5 The Turkish Mining Industry – Rights and Obligations

5.1 Rights

5.1.1 Mining rights

5.1.2 Transfer of mining rights

5.1.3 Surface rights

5.1.4 Discovery rights

5.1.5 Rights of easement and usufruct expropriation

5.2 Obligations

5.2.1 Exploration and operation license

5.2.2 Operation permit

5.2.3 Mining areas

5.2.4 Production and dispatch

6 The Turkish Mining Industry – Key Fiscal Terms

6.1 Duties and Security Deposit (Guarantee Fee)

6.2 Royalty Rates

6.3 Corporate Tax

6.4 Capital Gains Tax

6.5 Loss Carry Forward

6.6 Property Tax

6.7 Withholding Tax

6.8 Tax Incentives

6.9 Stamp Duty

6.10 Motor Vehicle Tax

6.11 Depreciation

6.12 Value Added Tax (VAT)

7 Appendix

7.1 What is this Report About?

7.2 Methodology

7.3 Secondary Research

7.4 Primary Research

7.5 Contact GlobalData

7.6 About GlobalData

7.7 GlobalData’s Services

7.8 Disclaimer

List of Tables

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

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

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

List of Figures

Figure 1: The Mining Industry in Turkey – Commodity Mines at Different Stages (Number of Mines), 2014

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