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New VAT rates are not obstacle for us |Milliyet / 05.01.2013

Musa Aykaç, General Manager of Nurol RIT which has purchased last year approximately 60 thousand square meters land where Hürriyet Medya Towers was located for 127.5 million Dollars, said that the project for which they are in the phase of obtaining a licence, is subject to 18 percent value-added-tax. Aykaç, while indicating that they are going to be subject to this tax because of the fact that they obtained the construction licence after January 1, 2013, said “But we are not considering postponing the project. Building demolition continues. No one can stop us.” Aykaç who announced that they are going to perform book buildings in March for the project which will be constituted by 1100 residence, four-star hotel with 160 rooms, office block and shopping valley, said “Even now we have so many requests. We won’t reflect the VAT charges onto our customers by renouncing the profit in this project.” Aykaç, by pointing out the unfairness of the new VAT regulation, said, “We don’t have any distress in this project. We are going to keep the prices low and subsidise the difference.”

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