Investment incentive for Cengiz Holding company

The investment project to be made by Eti Alüminyum AŞ in Konya will benefit from incentives such as 100 percent tax reduction and 85 percent investment contribution rate, customs duty exemption, VAT exemption, VAT refund, tax reduction, 10-year insurance premium employer share support without a maximum amount limit, a maximum of 75 million TL qualified personnel support and energy support not to exceed 200 million TL. Project-based state aid will be provided for the investment in the hot and/or cold rolled aluminum flat product production facility to be made by Eti Alüminyum AŞ in Konya with the direct cooling slab casting method. The Presidential Decree on the subject was published in the Official Gazette and entered into force. Accordingly, the duration of the investment in question was determined as 5 years. If the investment cannot be realized within the foreseen period, the Ministry of Industry and Technology may grant an additional period of half this period. The foreseen fixed investment amount of the project, which started on December 1 last year, was determined as 3 billion 10 million 545 thousand 522 TL. The additional employment envisaged with the investment is 285, and the envisaged number of qualified personnel is 45. It is planned to produce 100 thousand tons of hot and/or cold rolled aluminum flat products per year at the end of the investment period. The investment project will benefit from incentives such as customs duty exemption (tax reduction rate 100 percent, investment contribution rate 85 percent, the rate of investment contribution amount that can be used during the investment period 100 percent), VAT exemption, VAT refund, tax reduction, insurance premium employer share support (10 years without a maximum amount limit), qualified personnel support (maximum 75 million TL), energy support (50 percent of energy consumption expenses not to exceed 200 million TL for up to 10 years as of the date of transition to operation). Personnel support 5 years Qualified personnel support will be applied for 5 years, not to exceed 20 times the monthly gross amount of the minimum wage for each qualified personnel. Energy support will continue from the month following the month in which the Ministry determines that the operation has been partially started or the month in which the investment completion visa is issued, until the maximum support amount is reached, provided that the rate and period specified in the Decision are not exceeded. Following the completion of the investment, the company will apply to the Ministry for the completion visa. The provisions of the Decision will be implemented by the Minister of Industry and Technology.