Gov’t submits crisis package to Parliament

Bloomberg

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The draft legislation submitted to the assembly in Ankara late Thursday night would give the Cabinet authority to reduce corporate tax on investments by as much as 90 percent, the newspaper said.

It also extends to six months from three the period over which the state-run Unemployment Fund can be used to supplement wages at companies that have reduced the number of operating days, Milliyet reported.

Other steps in the package include tax cuts for textile companies in the southeast of the country and extended assistance for businesses that create new jobs in the poorest 49 provinces.

Meanwhile, Prime Minister Recep Tayyip Erdoğan said on Thursday the government provided 10 billion Turkish Liras ($6.1 billion) in liquidity to markets in the past few months to help companies weather the global credit crunch.