Carmaker TOFAS said the economy ministry had approved an incentive certificate for the company's planned TRY 822mn ( EUR 292mn ) investment. The incentives will include customs tax and VAT exemptions and other tax breaks. TOFAS said this week that a tax office has fined the company a total TRY 67.5mn for 2008-2010 period. The fines are related to VAT and withholding taxes. TOFAS , a joint venture between local Koc Group and Italy's Fiat, posted a net income of TRY 104.3mn in Q3, representing a 6.4% y/y increase. Revenues of TOFAS rose to TRY 1.66bn in the third quarter from TRY 1.54bn in Q3/2012. 9M net income of the carmaker increased to TRY 320.5mn from TRY 317.9mn a year ago. Revenues in the first nine months of the year stood at TRY 5.15bn versus TRY 4.94mn in the same period of last year.
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