A circular provides for the possibility of exempting 50% of the profit provided to non-residents for corporate income tax purposes and earned by Turkish taxpayers from certain types of services.
Now, companies who may benefit from the 50% relief should review if they qualify as the exemption may be claimed for the whole fiscal year and the respective annual tax burden – and the next quarterly advance tax payment due November 14, 2013 – should be computed. The deduction is applicable for both Turkish companies and Turkish branches of non-resident entities.
