Turkey issues Decree as to restriction on the deduction of financial expenses
On 3 February 2021, the Turkish Revenue Administration has published Presidential Decree No. 3490 in the Official Gazette introducing a restriction on the deduction of financial expenses. Restriction on the deduction of financial expenses rules was
See MoreTurkey extends CbC report filing deadline to 26 February 2021
On 17 December 2020, the Turkish Revenue Administration has issued Circular No. TF-2 / 2020-1 on its website, by which Turkey extends country-by-country (CbC) report filing deadline to 26 February 2021. The extension of the period for sending
See MoreTurkey: Parliament passes Law on certain tax amendments for 2021
On 11 November 2020, the Turkish Parliament approved Law No. 7256 on “Restructuring Public Receivables and Amending Certain Laws”, which was published on 17 November 2020 in the Official Gazette. With the aforementioned Law, finalized public
See MoreTurkey: Government submits bill to parliament for the corporate tax cut
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
See MoreTurkey ratifies MCAA for the exchange of CbCR
On 1 October 2020, Turkish has published Decision No. 3038 for the ratification of the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country reports (CbCR). The Decision was published in the Official
See MoreTurkey publishes transfer pricing General Communiqué No. 4
On 1 September 2020, the Turkish Revenue Administration has published transfer pricing General Communiqué No. 4 on disguised profit distribution in the Official Gazette No. 31231. The Communiqué explains information regarding new transfer pricing
See MoreTurkey reduces VAT rate for certain services until 31 December 2020
On 31 July 2020, the Turkish Revenue Administration has published Presidential Decree No. 2812, through which the value added tax (VAT) rate is reduced for certain services applicable from 31 July 2020 due to COVID-19 pandemic. Temporarily
See MoreTurkey increases withholding tax on capital gains from specific FX hedge funds
On 3 June 2020, the Turkish Revenue Administration has published Presidential Decree No. 2604 in the official gazette, through which the withholding tax on the portfolio income of the specific foreign exchange hedge (Also called FX hedge) funds has
See MoreTurkey: Parliament considers bill to ratify BEPS Multilateral Instrument (MLI)
On 2 June 2020, a draft ratification law has been submitted to the Turkish Parliament for the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI). The following day,
See MoreTurkey fixes tax return deadline for taxpayers of 65 and above amid COVID-19
On 2 June 2020, the Turkish Revenue Administration has published an announcement regarding the declaration and payment obligation of taxpayers aged 65 and over who are exempted from curfew with the new normalization process. In the announcement, it
See MoreTurkey extends CIT return filings and payments deadline for 2019
On 17 April 2020, the Turkish Revenue Administration has published Circular No 127 on its website regarding the extension of Corporate Income Tax (CIT) return filings and payments deadline for the fiscal year 2019. The CIT returns for the fiscal
See MoreTurkey issues Draft General Communiqué on disguised profit distribution
On 16 April 2020, the Turkish Revenue Administration has issued Draft General Communiqué on disguised profit distribution amending General Communiqué no. 1 on Transfer Pricing. The Draft Communiqué No. 4 implements the Presidential
See MoreTurkey: Tax measures due to COVID-19 pandemic
On 18 March 2020, Turkey unveiled tax measures to help businesses and individuals during the COVID-19 pandemic. Main measures in relation to tax obligations are: A six-month deferral of tax payments for value added tax (VAT) and
See MoreTurkey publishes General Communiqué on Digital Service Tax (DST)
On 20 March 2020, the Turkish Revenue Administration has published the final version of General Communiqué on Digital Service Tax (DST). On 5 February 2020, the Turkish tax administration has published Draft General Communiqué on the
See MoreTurkey: Revenue Administration issues decree on transfer pricing documentation
On 25 February 2020, the Turkish Revenue Administration has published Presidential Decree No. 2151 in the official gazette, which amends transfer pricing documentation rules. The decree aims to set out OECD’s Base Erosion and Profit Shifting
See MoreTurkey: Tax administration publishes Draft General Communiqué on DST
On 5 February 2020, the Turkish tax administration has published the Draft General Communiqué on the Implementation of the Digital Services Tax (DST) on its website. The Turkish Parliament enacted Law No. 7194 on 5 December 2019 regarding DST at a
See MoreTurkey: Parliament passes laws on tax regulation
On 21 November 2019, the Turkish Parliament approved laws on tax regulation which includes new taxes, namely digital services tax (DST), valuable house tax and accommodation tax. The law increases tax rate from 30% to 40% for people earning
See MoreTurkey publishes General Communiqué on deferred interest rate
On 25 October 2019, the Revenue Administration of Turkey has published General Communiqué (Series: C, Serial No: 4) in the official gazette reducing the annual deferred interest rate on public receivables. The deferred interest rate for the
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