New regulations in the economy are introduced with the latest bill submitted to the Parliament. This year only, all vehicle owners will pay an additional Motor Vehicles Tax (MTV). SCT on fuel will increase by 6-month inflation. Corporate tax was increased by 5 points.
REDUCTION IN TAX ON EXPORTERS
With the proposal, in order to encourage exports, the corporate tax rate on export earnings will be reduced by 5 points. The following statements were included in the section on corporate tax in the Omnibus Law proposal: "The phrase 20 percent in the first paragraph of Article 32 of the Law No. 5520 has been changed to 25 percent, the phrase 25 percent has been changed to 30 percent, the phrase 1 point in the seventh paragraph has been changed to 5 points, and the phrase 'within the scope of this paragraph to those who benefit from the discount' has been added to come after the phrase according to the second sentence of the eighth paragraph."
1- While the corporate tax rate is increased to 25%, the corporate tax rate for banks and financial institutions is increased to 30%. (Effective: 1.10.2023, i.e. from the 3rd provisional tax period).
2- An additional motor vehicle tax is introduced for once only, equal to the motor vehicle tax. In other words, MTV will be doubled in 2023.
3- VAT exemption on real estate sales is abolished. For immovable properties before the publication date of the law, the exemption will be applied, provided that the conditions in Article 17/4-r of the VAT Law are provided.
4- Corporate tax exemption for immovable property sales is abolished. For properties acquired before the publication date of the law, 25%, not 50%, of the gains will be exempt.
5- The corporate tax exemption for gains from investment funds and partnerships other than venture capital funds and partnerships is abolished.
6- Properties will not be subject to tax-free division (Effective 1.1.2024)
7- Corporate tax will be reduced by 5 points for export earnings.
Comments
No comment yet.