April 5, 2012 / 11:09 AM / 5 years ago

Turkey announces incentives to reduce c/a deficit

ISTANBUL, April 5 (Reuters) - Turkish Prime Minister Tayyip Erdogan announced on Thursday a new incentive scheme aimed at reducing Turkey's gaping current account deficit by encouraging local production of some previously imported goods.

The new scheme will include tax cuts, VAT exceptions and will reduce interest on strategic and regional investments, Erdogan said at a news conference.

Priority will be given to investments in sectors such as aerospace, defence and automotives, he said. Tax incentives for investors could be applied to income from all activities according to the new scheme, Erdogan said.

Incentives will come into effect from January 1, 2012. (Reporting by Seda Sezer)

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