The Regulation Amending the Regulation on the Allocation of Public Immovables for Tourism Investments was published on 26 February 2019 ("Regulation Amendment") in the Official Gazette. The Regulation Amendment has changed the annual increase rates of the utilization fees to be paid to the Treasury for the tourism investments in public immovables.
Prior to the Regulation Amendment , the annual increase rate was determined as the increase rate in the Producer Price Index (PPI) compared to the same month of the previous year, as announced by the Turkish Statistics Institute. With the Regulation Amendment, this rate is changed to the Consumer Price Index (CPI) change rate calculated according to the average of twelve months.
It has been determined that the annual increase rates specified by the Regulation will be applied for the definite allocations made before the entry into force of the Regulation Amendment, without any need for amendment in the allocation agreements. However, for the current year increases to be calculated after 1 August 2018, the allocation agreement terms will be applied for the period between 1 August 2018 and 1 January 2019.
These amendments brought by the Regulation Amendment will be applied as of 1 January 2019.