Turkey grants short extension for 2023 tax return submissions
Turkey's Revenue Administration has announced an extension for submitting the corporate tax returns for the 2023 accounting period. Accordingly, with Tax Procedure Law Circular No. 167, the standard deadline – originally set for 30 April, 2024
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Turkey begins corporate tax declaration period for 2023
On 1 April 2024, the Revenue Administration of Turkey announced the beginning of the corporate tax declaration period for fiscal year 2023. Corporate taxpayers can submit their 2023 corporate tax returns electronically through the Digital Tax Office
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Turkey extends VAT deadline for taxpayers liable for deductions
On 10 February 2024, Turkey’s Revenue Administration published the Tax Procedure Law Circular No. 164 of 10 February 2024. This circular extends the VAT return and payment deadline for taxpayers responsible for VAT deduction. Previously, taxpayers
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Turkey amends valuable housing tax brackets for 2024
On 30 December 2023, Turkey announced the publication of the Real Estate Tax Law General Communiqué No. 82 in the Official Gazette. The General Communiqué outlines the amendments to the Valuable Housing Tax Brackets for 2024. This includes the
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Turkey implements tax reform with new participation exemptions and enhanced export support
On 28 December 2023, the Revenue Administration of Turkey announced that it had published Law No. 7491 in the Official Gazette. The main provisions are as follows: New participation exemption rules have been implemented for corporate
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Turkey revises individual income tax rates for 2024
On 30 December 2023, Turkey released the Income Tax General Communiqué No. 324 in the Official Gazette, which outlines the new individual income tax rates for 2024. The following tax brackets and rates apply to employment income: Up to TRY
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Turkey announces new R&D incentives for technology development zones
On 16 December 2023, Turkey published Presidential Decision No. 7953 in the Official Gazette, outlining new thresholds and rates aimed at supporting research and development (R&D) activities for taxpayers operating within technology development
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Turkey extends tax compliance deadline in earthquake affected areas
On 29 November 2023, Turkey announced the extension of the force majeure period until 30 April 2024 in earthquake affected areas hit by 6 February 2023. This extension impacts tax-related deadlines: Tax returns and declarations from 6 Feb 2023
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Turkey increases annual deferred interest rate from November 2023
On 14 November 2023, the Turkish Revenue Administration announced that the annual deferred interest rate has been increased from 24% to 36% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 7. The deferred interest
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Turkey increases late tax payment interest rate
On 14 November 2023, the Turkish Revenue Administration issued Presidential Decision No. 7782, through which the late tax payment interest rate has been increased from 2.5% to 3.5% per month. The previous rate was applicable from 21 July 2022, and
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Turkey implements corporate income tax rate hike
On 15 July 2023, the Turkish Revenue Administration published Law No. 7456 in the Official Gazette. Accordingly, the general corporate income tax rate has been raised from 20% to 25%. The corporate income tax rate for companies operating in the
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Turkey extends several deadlines for tax return and payment
On 25 April 2023, the Turkish Revenue Administration announced the extension of several deadlines for tax returns and payment. Accordingly, the corporate tax return and payment deadline for the accounting period 2022 has been extended to May 5 2023
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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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