The VAT exemption period for new machinery and equipment deliveries has been extended

The application period of the value added tax (VAT) exemption for deliveries of new machinery and equipment for use in the manufacturing industry has been extended until December 31, 2024. The Presidential Decree on the subject was published in the Official Gazette. Accordingly, in accordance with the authority granted to the President in the VAT Law, the application period of the VAT exemption for deliveries of new machinery and equipment made exclusively for use in the manufacturing industry to VAT taxpayers who hold an industrial registry certificate has been extended until December 31, 2024. According to the information obtained from the Ministry of Treasury and Finance, with the decision, the practice of exempting certain machinery and equipment used in the manufacturing industry from VAT even if the manufacturers have not received an investment incentive certificate has been extended for another 2 years within the framework of the Presidential authority.