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.
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