Turkiye plans to turn Istanbul Finance Centre global economic hub

14 Jun '22

1 min read

Pic: İstanbul Financial Center (İFC)

Work on the Istanbul Finance Centre (IFC) is under way, with rental agreements set to be signed soon. The centre will offer business and investment opportunities to domestic and international companies and investors. Financial institutions at the IFC will enjoy certain tax advantages, including having 75 per cent of their income deducted from the corporate tax base.

They will also have fee and stamp exemptions. The exemptions will also apply to regional treasury and financial management centres of institutions that are active in at least three countries.

IFC aims to host nearly 100,000 employees and visitors daily.

By positioning Istanbul as an international finance hub, Turkiye aims to boost the country's financial competitiveness globally and spur development of products and services for financial markets, a news agency reported.

The IFC was 81 per cent complete by April. It boasts of 1.4 million square metres of office space, a 100,000-square-metre shopping centre, a conference and performance centre for 2,100 people, a five-star hotel and a parking lot with a capacity for 26,000 vehicles.

It has been specially designed to tackle COVID-19 like crises in future.

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