Due to economic fluctuation in Turkey, Turkish tax authorities made significant tax legislation changes. You can find the overview of all tax changes below
I am not sure if it’s because we, as the Turkish business world, are so proud of our adaptation and adjustment speed to new processes, announcing a significant change in VAT rates on Friday and implementing it on Monday is definitely not a piece of cake that everyone can easily handle
There are three different value added tax rates in Turkey recently, these rates were %1, %8 and %18
VAT rate increase by %2
The current rate of 8% will be raised to 10%, while the existing rate of 18% will be implemented as 20%.
Everyday products such as soap, shampoo, detergent, disinfectants, wet wipes, toilet paper, paper towels, tissues, and napkins were subject to a VAT rate of 8% Interestingly, a recent amendment has increased the VAT rate for these items to 20%.
unfortunately cleanliness and convenience turn into premium due to high VAT rates
The increase in value-added tax is not the only issue for Turkish taxpayers. Additionally, Switzerland, Estonia, and Lichtenstein will also be increasing their value-added tax ratios starting from the beginning of 2024.
In Turkey, businesses are currently subject to a corporate income tax rate of 20% on their profits. However, under new legislation, there will be an increase in the corporate income tax rate to 25%, effective from 2023 and onwards.
Corporate tax; which is currently 20 percent, will be increased to 25 .
But there is a significant exemption for exporter companies; to promote exports, the corporate income tax rate, which is currently applied at a reduced rate of 1 percentage point on the profits derived solely from exports by exporting companies, will be further reduced by 5 percentage points. This means; starting from 2023, regular companies have to pay a 25% tax rate, whereas exporters benefit from a lower rate of 20% only on the income they earn from exporting activities.
17.07.2023
Kaynak: www.MuhasebeTR.com
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