Home > Current Affairs News > CHP's Deniz Yavuzyılmaz reveals cost of incentives provided to Russia at Akkuyu: A new $5 billion burden

CHP's Deniz Yavuzyılmaz reveals cost of incentives provided to Russia at Akkuyu: A new $5 billion burden

CHP Deputy Chairman Deniz Yavuzyılmaz, in a statement regarding a legislative proposal currently under discussion in the Turkish Grand National Assembly (TBMM), claimed that new tax exemptions and incentive regulations for the Akkuyu Nuclear Power Plant would impose a multi-billion dollar additional burden on the public. Yavuzyılmaz alleged that the incentives provided to date have reached approximately $9 billion 819 million, and that the new regulations would create an additional cost of approximately $5 billion.

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In a post on his social media account, Yavuzyılmaz criticized the regulations concerning the Akkuyu Nuclear Power Plant included in the legislative proposal currently being debated in the Turkish Grand National Assembly.

Yavuzyılmaz argued that the AKP government has provided numerous incentives and tax advantages to Russia within the scope of the Akkuyu Nuclear Power Plant Project to date, claiming that the total value of these incentives is approximately $9 billion 819 million.

Claim of "new concessions until 2045"

CHP's Yavuzyılmaz alleged that new financial facilities for the Akkuyu Nuclear Power Plant are intended to be implemented through the legislative proposal being discussed in Parliament.

According to the information he included in his post, the proposal envisions;

"The abolition of stamp duty for the Akkuyu Nuclear Power Plant,

The application of VAT exemptions for construction activities and the procurement of materials and equipment,

The creation of a new advantage mechanism in the project's financing structure that will reduce the capital burden and facilitate borrowing."

"A new burden of approximately $5 billion will be created"

Making assessments regarding the impact of the aforementioned regulations on public finance, Yavuzyılmaz claimed that, according to CHP's calculations, the proposal would lead to an additional tax loss of approximately $5 billion.

Arguing that this cost would indirectly reflect as a new tax burden on the shoulders of citizens, Yavuzyılmaz stated, "A $5 billion additional burden is being placed on the backs of citizens so that Russia can pay $5 billion less in taxes."