Turkey legislates Omnibus Law including corporate tax measures
24 January, 2019
Turkey has published Omnibus Law No. 7161 of 17 January 2019 in the Official Gazette and numbered 30659. The Omnibus Law includes the following corporate tax measures:
As from 18 January 2019, existing rules on reduced rates for investment expenditure on manufacturing were extended until 31 December 2019. Consequently, the rate of corporation tax law (CITL) for investment expenditure, which includes an investment certificate for manufacturing, will remain 70%, 80% and 100% in 2019 depending on the province and the investment amount (Article 23 (A) (2) (b) of the corporation Tax Act). In addition, the President was given the power to extend the application period for certain or all investments by up to five years.
With effect from 1 January 2019, the corporation tax exemption for proceeds from the sale of product certificates issued under license Act No 5300 for agricultural products was extended until 31 December 2023.
Turkey's Revenue Administration has issued an updated Guideline on the Mutual Agreement Procedure (MAP) for the elimination of double taxation agreements, effective for requests made from 1 January 2022. The guideline is available in both Turkish
Officials from Turkey and Lesotho met in Ankara to negotiate for a tax treaty between 26 t– 29 November 2024, according to the release, The negotiations were conducted under Mehmet Arabaci, Deputy President of the Turkish Revenue
The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to
The Revenue Administration of Turkey has announced the decision (Presidential Decision No. 9160) to reduce the tax exemption on capital gains from the sale of participation shares, held for at least two years, from 75% to 50%. This adjustment
Turkey's government issued Presidential Decision No. 9160 on 27 November 2024, reducing the exemption rate for corporate income tax on gains derived from the sale of certain assets. Presidential Decision No. 9160 came into effect on the day it
Turkey has officially announced an annual revaluation rate of 43.93% for 2024, as published in the Official Gazette No. 32735 on 27 November 2024. The annual revaluation rate is based on the price increase in the production price index for
