Recent Development
The Law setting out the general framework of the Istanbul
Financial Center's ("IFC")
activities and regulating the applicable tax exemptions, incentives
and exceptions ("Law") was published in
the Official Gazette dated June 28, 2022 and it is entered into
force through its publication.
What Does the Law Say?
The Law regulates the geographical area, management and
operations of the IFC; the activities and services that the IFC
will host; and various incentives, discounts, exemptions and
exceptions which will make the IFC more attractive for financial
institutions.
Management of the IFC and the Participants
The operation and management of the IFC will be conducted for a
period of twenty years by a managing company (the
"Managing Company") to be established by
the Turkey Wealth Fund as a joint stock company.
