Turkey creates disaster reconstruction fund for natural disasters affected areas
On 21 March 2023, Turkey published Law No. 7441 in Official Gazette to create a disaster reconstruction fund for natural disasters affected areas. The fund is exempt from corporate income tax on all income received and its activities related to
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Turkey issues law on restructuring public receivables and amendment to certain laws
On 12 March 2023, Turkey issued Law No. 7440 on restructuring public receivables and amendment to certain laws. The Law has brought about an important change by introducing a one-time additional tax for specific corporate taxpayers who have utilized
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Turkey extends tax compliance deadline for additional areas due to earthquakes
On 16 February 2023, the Turkish Revenue Administration further announced emergency tax measures for the taxpayers located in Elazig due to earthquakes. Moreover, the Revenue Administration announced the emergency tax measures on 21 Feb 2023 for the
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Turkey sets 0% withholding tax on share buyback
On 14 February 2023, Turkey published Decision No. 6791 in the Official Gazette, which sets 0% (reduced from 15%) withholding tax rate for fully liable capital companies acquiring their own shares or partnership shares (buyback shares). The Decision
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Turkey extends tax compliance deadline for certain areas due to earthquakes
On 8 February 2023, the Turkish Revenue Administration announced an emergency tax measures for certain areas due to earthquakes. Accordingly, taxpayers located in Adana, Adiyaman, Diyarbakir, Gaziantep, Hatay, Kahramanmaras, Kilis, Malatya,
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Turkey returns to general corporate income tax rate of 20% from 2023
In Turkey, the general corporate income tax rate of 20% is applicable from 1 January 2023. The rate was temporarily increased to 25% for 2021 and 23% for 2022. However, the tax rate is 25% for banks and financial sectors, 19% for companies doing
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Turkey further extends CIT exemption from income on certain TRY deposit accounts
On 26 January 2023, Turkey published Presidential Decision No. 6728 in the Official Gazette extending the exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts converted from foreign
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Turkey extends additional R&D and design deduction until 2028
On 10 January 2023, Turkey issued Presidential Decision No. 6652 in the Official Gazette on additional research and development (R&D) and design deduction. According, Turkey extends the application of additional deduction for R&D and design
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Turkey extends CIT exemptions from income on certain TRY deposit accounts
On 9 November 2022, the Turkish Revenue Administration published Law No. 7420 in the Official Gazette amending various tax related legislation. Accordingly, the application period for the corporate tax exemption provided to taxpayers who convert
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Turkey exempts CIT from income on certain TRY deposit accounts
On 27 October 2022, Turkey published Presidential Decision No. 6297 in Official Gazette. Accordingly, Turkey provides an exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts
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Turkey approves effective date on CAA regarding CbC exchange arrangement with US
On 13 September 2022, the Turkish Revenue Administration issued Presidential Decision No. 6033 in the Official Gazette, through which Turkey has approved the effective date of the Competent Authority Agreement (CAA) to exchange country-by-country
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Turkey increases the late tax payment interest rate
On 21 July 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5801, through which the late tax payment interest rate has been increased from 1.6% to 2.5% per month. The previous rate was applicable from 30 December 2019,
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Turkey increases annual deferred interest rate
On 21 July 2022, the Turkish Revenue Administration has announced that the annual deferred interest rate has been increased from 15% to 24% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 6. The General Communiqué
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Turkey clarifies about reduced CIT rate for manufacturing and export activities
On 14 May 2022, Turkey has published General Communiqué No. 20 in the Official Gazette, which clarifies about 1% corporate income tax (CIT) reduction for manufacturing and export activities. Turkey reduced the rate by Law No. 7351 on 22 January
See MoreTurkey enacts various amendments to the tax measures
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
See MoreTurkey: Government submits a draft bill to the Parliament
On 25 March 2022, the Turkish Government submitted a draft bill to the Parliament. The bill contains various tax related measures including corporate tax rates, tax exemptions, and incentives. The main measure of the bill are as
See MoreTurkey ratifies CAA regarding CbC exchange arrangement with US
On 14 February 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5191 in the Official Gazette, through which Turkey ratifies the competent authority arrangement (CAA) on the exchange of country-by-country (CbC) with US.
See MoreTurkey reduces the CIT rate by 1% for manufacturing and export activities
On 22 January 2022, Turkey has published Law No. 7351 in the Official Gazette reducing the corporate income tax (CIT) rate by 1% for manufacturing and export activities. The law was entered into force on the same date of its publication. The 1%
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