Turkey, Guinea discuss expanding trade and tax cooperation
A release from the Turkish Ministry of Family, Labour, and Social Services, published on 6 November 2024, reported that officials from Guinea and Turkey met to discuss areas of bilateral cooperation, with Turkey expressing interest in negotiating an
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Turkey updates electronic ledger rules, filing deadlines
The Turkish Ministry of Treasury and Finance, alongside the Ministry of Trade, has issued a revised General Communiqué on Electronic Ledger (No. 5) on 8 November 2024, updating the previous regulations to enhance tax compliance. The new rules,
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Turkey consults on departure tax implementation
The Turkish government has initiated a public consultation on the implementation of departure tax regulated by Law No. 5597 on the Exit Fee and the Amendments to Various Laws, which was recently amended by Article 51 of Law No. 7524 on Amendments to
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Turkey consultation on e-commerce tax withholding regulations
The Turkish Revenue Administration has launched a consultation on the draft Income Tax General Communique No. 329, on 4 November 2024, which addresses amendments to individual income and corporate tax as outlined in Law No. 7524/2024 related to
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Turkey: Ministry of Treasury and Finance clarifies inflation adjustment procedures
Turkey’s Ministry of Treasury and Finance has issued a Circular No. 176 on 1 November 2024 offering detailed explanations on the implementation of inflation adjustment procedures under the Tax Procedure Law (TPL). It addresses various issues
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Turkey extends tax debt restructuring instalments due to earthquake
Earlier, Turkey’s Revenue Administration released Presidential Decision No. 8515, adjusting instalment payments for tax debt restructuring under previous laws, which includes Law No. 7256 of 11 November 2020, and Law No. 7326 of 3 June 2021, in
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Turkey raises rates on income from specific TRY deposits
The Turkish Revenue Administration has issued Presidential Decision No. 9075, extending and revising the withholding tax (WHT) rates on income from Turkish lira (TRY) deposit accounts. Initially set to expire on 31 October 2024, these rates will
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Turkey updates VAT implementation Communiqué
The Ministry of Treasury and Finance has released Communiqué No. 52 on Value Added Tax (VAT) on Thursday, 31 October 2024, which includes updates to the VAT General Implementation Communiqué. These amendments address multiple facets of VAT
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Turkey: Parliament approves law modifying tax procedure’s inflation adjustment rules
Turkey Parliament has enacted Law No. 7529, introducing amendments to the inflation adjustment provisions of the Tax Procedure Law (TPL) on 24 October 2024. The main part of Law No. 7529 involves several key updates to consumer protection,
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Hong Kong gazettes tax treaty with Armenia, Bahrain, Bangladesh, Croatia, Turkey
Hong Kong’s Chief Executive in Council issued an Order to implement tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and Turkey on 23 October 2024. The Order for signing tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and
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Turkey: GNAT passes law to enhance consumer protections, competitiveness
The Grand National Assembly of Turkey (GNAT) has passed a new law (Law No. 213) to enhance consumer protections and boost competitiveness in domestic markets. The bill includes provisions for inflation adjustments which were initially included
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Hong Kong issues tax treaty orders with Armenia, Bahrain, Bangladesh, Croatia, and Turkey
The Hong Kong Inland Revenue has announced that the Chief Executive in Council has issued five orders to ratify upcoming tax treaties with Armenia, Bahrain, Bangladesh, Croatia, and Turkey on 23 October 2024. The Orders will be gazetted today, 25
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Turkey enforces increased tax penalties under amended Tax Procedure Law
Turkey's Ministry of Treasury and Finance has released General Communiqué No. 571 on 19 October 2024, officially enforcing heightened tax penalties in accordance with the amended Tax Procedure Law (TPL) as outlined in Law No. 7524. According to
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Turkey amends payment documentation rules for non-taxpayers
The Turkish Ministry of Treasury and Finance released General Communiqué No. 572 on 18 October 2024, amending the Tax Procedure Law (TPL) General Communiqué No. 459 to enforce stricter documentation requirements for payments involving
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Turkey updates transfer pricing communiqué to align with new CbC reporting deadlines
Turkey’s Ministry of Treasury and Finance released General Communiqué No. 5 on Transfer Pricing on 17 October 2014. This Communiqué amends General Communiqué No. 1 on Transfer Pricing and aligns it with new deadlines for Country-by-Country
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Turkey withdraws Draft Omnibus Law on motor vehicle tax
On 15 October 2024, the Turkish government withdrew a draft Omnibus Law that had been submitted to the Grand National Assembly of Türkiye (GNAT) just four days earlier, on 11 October 2024. The proposed law aimed to amend the Motor Vehicles Tax
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Turkey clarifies application of new anti-avoidance rule
The Turkish Revenue Administration has issued Income Tax General Communiqué No. 326 in the Official Gazette, outlining application measure of Law No. 7524. The purpose of this communiqué is to introduce a general anti-avoidance rule, which
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Turkey clarifies application and payment periods for restructuring public receivables in earthquake-affected areas
The Ministry of Treasury and Finance Turkey has issued General Communiqué No. 7 on Law No. 7440 to clarify the application and payment periods for the restructuring of public receivables in earthquake-affected areas on 4 October 2024. Law No.
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