On 16 October 2020, The Turkish Government has submitted a bill to reduce the Corporate Income Tax (CIT) rate to lower the corporate tax by up to 5%.
As from 1 January 2018, the corporate income tax rate for all companies is 22% (applicable for tax year 2018, 2019, and 2020), which was increased from 20%. The corporate tax would be lowered and applied between 15% and 18%.
Furthermore, the bill contains tax measures regarding personal income tax law and the value-added tax law to provide support due to the ongoing COVID-19 pandemic.
