On 22 April 2021, Turkey has announced that the Draft Law has entered into force which was submitted to the Turkish Parliament regarding an increase in corporate income tax (CIT) rate for the tax years 2021 and 2022.
Through the Law, the provisional article has been added to the Corporation Tax Law No. 5520 and the rate is increased to 25% for the tax year 2021 and 23% for the tax year 2022. The 25% rate is effective from 1 January 2021 and the declaration must be submitted from 1 July 2021.
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