Tax Reform Package Submitted in Turkish Parliament

A package of tax reform measures was reportedly submitted in the Turkish parliament on 1 October 2021. Some of the main measures for companies include:

• An increase in the notional interest deduction rate for capital increases from 50% of the deemed interest expense to 75% for cash contributions from abroad;
• The introduction of accelerated depreciation for newly acquired machines and equipment until 31 December 2023, include a reduction in the standard useful life by half, subject to certain …