Decree concerning State
Encouragements to Investments – Part VI
Source: Official Gazette - Decree
concerning state encouragements to investments and the investment
encouragement fund Decree No: 10755; Issued: March 25th 1998
Section III; Other Conditions
Authorization and Implementation Principles
Article 18.
The Undersecretariat can authorize other organizations and institutions on
some implementation processes within the principles and procedures scope of
this Decree.
The Undersecretariat reserves the following rights regarding the
implementation of this Decree;
- to define the scope and functioning of this Decree and the principles and
procedures concerning the transfer of authority to other organizations and
institutions by the means of communiques;
- to undertake necessary measures;
- to examine and finalize the cases other than those envisaged in this
Decree;
- to carry out the necessary operations concerning the investment
encouragement certificates in cases of compelling and justified reasons;
- to suspend the operations of the investors who submit false or misleading
documentation or who make fraudulent alterations on the documents;
- to request for information from all related banks, organizations and
institutions.
Implementation of the Decree
Article 19.
The implementation of the encouragement elements envisaged in the
Investment Encouragement Certificate is compulsory by related banks,
organizations and institutions.
The implementations regarding investment encouragement certificates issued
in accordance with previous Decrees shall be carried out within the scope
of their relevant Decrees.
However, if requested, the advantages which come into force by from this
decree, can be applied to Investment Encouragement Certificates which have
been granted in accordance with the Decree dated 26/12/1994 and No:
94/6411.
In cases of doubt and discrepancy regarding the encouragement elements in
this and previous Decrees, operations will be handled in accordance with
the view of the Undersecretariat.
Article 20.
The following Decrees are cancelled;
Decree No: 94/6411, dated 26.12.1994, Decree No: 95/6569, dated 8.3.1995,
Decree No: 96/8639, dated 19.9.1996, Decree No: 97/9688, dated 31.7.1997
Total outstanding debt and obligations of the Encouragement fund for
Investments and Foreign Currency Earning Services established by the Decree
No: 94/6411 dated 26.12.1994 shall be transferred to the Investment
Encouragement Fund established with this Decree. All the payments to be
made in accordance with the related legislation shall be carried out from
this fund.
Temporary Article 1.
Incomplete or partially functioning investments in the East or South East
of the country, due to insufficient operating capital which are eligible
for financial encouragement by the provisions of this Decree shall receive
credit allowance from the Fund.
Temporary Article 2.
Investments realized by public organizations and institutions within the
framework of an investment encouragement certificate shall be considered a
completed regardless of their present situation and shall be given a
completion visa without taking into consideration the provisions of the
past Decrees upon which the certificate is based on.
Concerning investments with an investment encouragement certificate, for
which the investment completion period has ended, and for which an
application for an extension period has not been introduced, it is
necessary that an application for a completion visa be made to the
Undersecretariat within 6 months from the publication of this Decree.
Otherwise, the Certificates in question shall be cancelled and the
encouragement elements received shall be collected back in accordance with
the provisions of Law. No: 6183.
Temporary Article 3.
All expenditures until 30.6.1998, within the framework of an Investment
Encouragement Certificate envisaging a credit from the Fund or the Resource
Utilization Support Fund shall continue to receive credits from the Fund.
Expenditures after this date shall not receive any credit from the Fund or
from the Resource Utilization Support Fund.
Investment Encouragement Certificates envisaging credit from the Fund or
from the Resource Utilization Support Fund shall not be granted an
extension period after 30.6.1998. If no application is made to the
Undersecretariat for a completion visa within 6 months after this date, the
Investment Encouragement Certificates in question will be cancelled and the
encouragement elements received shall be collected in accordance with the
provisions of Law. No. 6183.
All expenditures realized until 31.12.1996, listed within the framework of
an Investment Encouragement Certificate envisaging a Resource Utilization
Support Premium will continue to receive a premium from the Fund. No
premium shall be allowed for expenditures made after this date. No
extension of the Certificates which envisage a premium shall be allowed
after 30.6.1998. After this date, the Certificates shall be evaluated for
their completion visas, without taking into consideration the physical completion
level of the related Investments. Top
