On 15 April 2022, Turkey published Law No. 7394 in the Official Gazette containing various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the amendments are as follows:

  • 25% corporate tax rate in the financial sector including banks, financial leasing companies, asset management companies, and insurance companies from 2022;
  • The earnings of real estate investment funds or partnerships will be exempt from corporate tax;
  • Corporate income tax exemption provides for dividends derived by corporations from the specified investment funds;
  • Corporate taxpayers who continue to advertise to them despite the decision to ban advertisements will not be considered as expenses in the calculation of the tax base.

The amendments also contain provisions for value added tax (VAT) exemption.