Law No. 6663 amending the Individual Income Tax Law (Law No. 193) was published in the Official Gazette on 10th February 2016. The law introduces a new partial tax exemption (Article 1) for young entrepreneurs. Article 1 of the Law entered into force on February 10, 2016. According to the Law, the first TRL 75,000 of income resulting from commercial, agricultural and professional activities is exempt from individual income tax for 3 years. The following criteria have to be satisfied to be eligible for the exemption:
- the taxpayer must not have reached 29 years old as at the date of commencement of the commercial, agricultural and professional activities; and
- the payer of taxes must be a first time taxpayer performing commercial, agricultural and professional activities.
