Turkey Tax News
The new Turkish Corporate Income Tax Act No. 5520, wholly revising and introducing substantial amendments to the former Corporate Income Tax Act No. 5422 dated 10 June 1949 has been approved by the parliament on 13 June 2006. The Act has now been sent to the President for approval. Most of the provisions are applicable retroactively from 1 January 2006. Transfer pricing rules, however, will be applied from 1 July 2007.
11 July 2006
Treaty between Turkey and Portugal approved
11 July 2006
New anti-avoidance measures to be introduced transfer pricing, thin capitalization, CFC
16 March 2006
Corporate and tax cuts announced
1 January 2006
Australia's Trade Minister has announced that the tax treaty between Australia and Turkey is to be finalized shortly.
6 December 2005
Corporate income tax cuts announced
6 December 2005
Corporate income tax cuts announced The Turkish Ministry of Finance has announced plans to cut the corporate tax rate (currently 30%) by applying a progressive rate system on corporate profits. Accordingly, for the first YTRL 100,000, the corporate tax rate would be 15%, and 30% for the remaining corporate profits. Another alternative proposed by the Tax Council (an advisory body of the Ministry) would be to apply a progressive rate system and gradually decrease the upper rate over a period of 3 or 4 years; the progressive rate system would be changed to a single rate system at the end of that period, by fixing the rate at 18%. The tax cut is planned to be applied from 1 January 2006.
16 October 2005
South Africa and Turkey signed a first-time income tax treaty on 3 March 2005.
11 July 2005
The first-time income tax treaty and protocol between Thailand and Turkey, signed on 11 April 2002, entered into force on 13 January 2005. The treaty will generally apply from 1 January 2006.
11 July 2005
The first-time income tax treaty and protocol between Thailand-Turkey, signed on 11 April 2002, entered into force on 13 January 2005. The treaty will generally apply from 1 January 2006.
9 June 2005
Portugal and Turkey signed a first-time tax treaty on 11 May 2005.
9 June 2005
The first-time income and capital tax treaty between Luxembourg and Turkey , signed on 9 June 2003, entered into force on 18 January 2005. The treaty will be effective as from 1 January 2006 .
17 March 2005