According to the decree published in the Official Gazette, Turkey increased its VAT rates from 18% to 20% and from 8% to 10%.
07 Mart 2024, 15:25
According to the decree published in the Official Gazette, Turkey increased its VAT rates from 18% to 20% and from 8% to 10%.
News
ALL
-
BLUE CARD (OLD PINK CARD) APPLICATION
-
APPLICATION FOR WORK PERMIT STEP BY STEP
-
According to the decree published in the Official Gazette, Turkey increased its VAT rates from 18% to 20% and from 8% to 10%.
-
SHOULD CITIZENS OF THE REPUBLIC OF NORTH CYPRUS TURKEY GET A WORK PERMIT IN TURKEY?
-
Declaration Taxes Type ,Time of Delivery and Due Date
-
Declaration of Ultimate Beneficial Ownership now Required in Turkey
According to the decree published in the Official Gazette, Turkey increased its VAT rates from 18% to 20% and from 8% to 10%.
Significant tax changes have been made in the Official Gazette published dated 07.07.2023. These changes are listed in the following section in the form of articles.
According to the decree published in the Official Gazette, Turkey increased its VAT rates from 18% to 20% and from 8% to 10%.
In the Official Gazette dated 07.07.2023 and numbered 32241, the "Decision Amending the Decision on the Determination of Value Added Tax Rates Applicable to Goods and Services (Decision Number: 7346)" was published.
With the said Decree, the Value Added Tax (VAT) rates applied to goods and services, which were 8% and 18% respectively, were increased to 10% and 20%.
In addition, it is stated that soap, shampoo, detergent, disinfectants, wet wipes (whether or not impregnated with soap, detergent or solution), toilet paper, paper towels, paper towels, paper tissues and napkins in the list numbered (II), to which 8% VAT rate is applied, are removed from the relevant list and it is stated that the VAT rate applied to these goods will be applied as 20%.
The provisions of the decision will be executed by the Minister of Treasury and Finance and will enter into force on 10.07.2023.
Other prominent decisions;
Banking and Insurance Transactions Tax (BSMV) was increased from 10% to 15%.
By Presidential Decree No. 7345, the Banking and Insurance Transactions Tax (BSMV) rate applied to consumer loans was increased from 10% to 15%.
Taxes on gambling games were also increased.
According to the Decision of the President No. 7347, the tax on games of chance has been re-determined as 10 percent on joint bets based on sports competitions, 14 percent on horse races and 20 percent on other games of chance.
The phone permit fee brought with the passenger was increased from 6.091,00 TRY to 20.000,00 TRY.
The registering fee for mobile phones that are brought from abroad was increased by 228% to 20.000,00 TRY from the previous 6.091,00 TRY, one of the decisions on the gazette showed.
Turkey decided dividend payments of own shares purchased by companies only listed on the Borsa Istanbul will be exempt from withholding tax.
Turkey decided dividend payments of own shares purchased only by companies listed on the Borsa Istanbul will be exempt from withholding tax.
With the amendment, the full taxpayer capital companies whose shares are not traded on Borsa Istanbul have reverted from the practice of withholding 0% on the amounts counted as distributed dividends for their own shares or partnership shares acquired.
With the amendment, the application of withholding tax at the rate of 15% will be reintroduced for companies whose shares are not traded on Borsa Istanbul.
The lump-sum fees applied in 2023 have been increased by 50%
With the Presidential Decree No. 7344, the fixed fee amounts in the tariffs attached to the Fees Law No. 492 were redetermined, and the fixed fee amounts in the tariffs and applied in 2023 were increased by 50%. (including the limits determining the minimum and maximum amounts of fixed and proportional fees)
Email us: info@vatforces.com for full update fee for consultancy.