AMENDMENTS MADE IN CORPORATE TAX LAW
With the amendment that entered into force on 31.07.2020, 10% of the lease payments made to the cooperatives in return for the lease of immovable properties will be deducted until 31.12.2020
With the provisional Article 10, the corporate tax rate will be applied as 22% for the corporate earnings for the 2020 taxation periods (accounting periods starting within the relevant year for the institutions assigned a special accounting period).
It will be possible for corporate taxpayers to benefit from the reduced corporate tax application due to the earnings they have gained from their investments that have been linked to an investment incentive certificate, starting from the fiscal period when the investment started to be operated partially or completely.
AMENDMENTS MADE IN INCOME LAW
A 40 percent rate and a new slice has been added to the income tax tariff with the Amendment made to the 103rd article of the Income Tax Law No.193 with the 17th article of the Law on the amendment of the income tax tariff.
Accordingly, no change has been made in the tax burden of the groups that earned up to TRY 500.000 through the first four tranches of the current tariff; however, those who earn TRY 500.000 and above will be subject to 40 percent income tax.
AMENDMENTS MADE IN VALUABLE HOUSİNG TAX
Those between TRY 5.000.000 and TRY 7.500.000 TL will be taxed at 3 per thousand, those between TRY 7.500.001 and TRY 10.000.000 will be taxed at 6 per thousand, those exceeding 10.000.001 TL will be taxed at 10 per thousand.
The tax to be calculated each year will be paid by the end of February and August of the tax year.
AMENDMENTS MADE IN VALUE ADDED TAX
Entering into force and valid on 31.07.2020, to be implemented until 31.12.2020;
1) Workplace rental service VAT rate has been reduced to 8%
2) Rent stoppage has been reduced from 20% to 10%.
3) Except for the alcoholic beverages, the VAT rate in food and beverage services was reduced to 8% for those where 18% VAT was applied before, and to 1% for those where 8% VAT was applied previously.
4) The VAT rate for the workplace rental service has been reduced to 8%. The VAT rate has been reduced to 1% for those where 8% VAT was previously applied for overnight services.
