Turkey legislates Omnibus Law including corporate tax measures
24 January, 2019
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures:
As from 18 January 2019, existing rules on reduced rates for investment expenditure on manufacturing were extended until 31 December 2019. Consequently, the rate of corporation tax law (CITL) for investment expenditure, which includes an investment certificate for manufacturing, will remain 70%, 80% and 100% in 2019 depending on the province and the investment amount (Article 23 (A) (2) (b) of the corporation Tax Act). In addition, the President was given the power to extend the application period for certain or all investments by up to five years.
With effect from 1 January 2019, the corporation tax exemption for proceeds from the sale of product certificates issued under license Act No 5300 for agricultural products was extended until 31 December 2023.
Turkey released the Real Estate Tax Law General Communiqué No. 86 on 30 December 2024 in the Official Gazette, which updates the Valuable Housing Tax Brackets for the year 2025. The purpose of this Communiqué is to provide explanations
The Turkish government has announced increased tax penalties effective from 1 January 2025, detailed in General Communiqué No. 577 and published in Official Gazette No. 32768 on 30 December 2024. These adjustments are based on a 43.93%
The Turkish Official Gazette published Communique No. 53 on 30 December 2024, which outlines changes to the VAT refund threshold subject to the reduced VAT rate for 2025. According to the new regulation, the VAT refund threshold has been
Turkey released VAT General Communiqué No. 53, Number: 32768 (2nd Duplicate) in the Official Gazette on 30 December 2024, updating the VAT refund limit for transactions subject to reduced VAT rates. The refund cap for the 2025 tax year has been
Turkey has announced an extension of income tax withholding incentives for employees in technology development zones and R&D or design centers. According to Presidential Decision No. 9368 on 27 December 2024, employees working outside these
Turkey's Revenue Administration has announced the issuance of Presidential Decision No. 9284, introducing a 1% withholding tax rate on payments made by intermediaries to service providers engaged in activities under Law No. 6563 on the Regulation of
