On Aug. 2, TUR Tax said tax law amendments published in gazette.
TUR Tax said Law No. 7524 on amendments to tax laws, certain other laws and legislative decree no. 375 was published in official gazette dated Aug. 2, 2024.
Provisions
Global minimum corporate tax introduced for multinational companies.
Minimum domestic corporate tax regulation, ensuring a minimum tax of 10% on corporate earnings before deductions and exemptions.
Envisaged that the corporate tax will be applied as 30% on the profits obtained within the scope of build-operate-transfer model and public-private partnership projects.
Existing income exemption for investment funds and partnerships conditioned on the distribution of 50% of real estate income as profit distribution.
Profit exemption provided to businesses operating in free zones has been limited to export revenues, exemption applied to profits from domestic sales abolished.
An authorization regulation made to withhold income and corporate tax from certain payments made to income taxpayers, corporate taxpayers earning commercial income.
Tax relief has been provided for stock options in companies designated as techno-enterprise companies by the Ministry of Industry and Technology.
Effectiveness
Article 60 sets out effectiveness of different articles of the law: Articles 3, 4, 33, 34 on Jan. 1, 2025; Articles 18 and 25 on Nov. 1, 2024; Articles 20 and 22 on Jan. 1, 2030.
Provisions not noted in Article 60, effective on date of publication on Aug. 2, 2024.
Aug. 2, 2024 Parliamentary Publication
On Aug. 2, 2024, TUR PRL published Law. No. 7524 on legislation information system.
