On 28 June 2022, Turkey published Law No. 7412 (the Istanbul Finance Center Law) in the Official Gazette, which introduces new tax incentives for financial institutions operating in the Istanbul Financial Center (IFC). The main incentive is a 75% reduction in taxable profits for certified financial institutions in the IFC, which is initially increased to 100% during the 2022 to 2031 accounting periods. The 75% (100%) reduction applies for taxable profits derived from "exported financial services", which are defined as financial services provided to non-residents by certified financial institutions, provided that the services are ultimately used abroad. Certain services are...