The bill, which includes regulations on taxes and social security and is currently being debated in the Turkish Grand National Assembly, is expected to contribute to the fight against informality and tax justice.
The proposal, accepted by the Turkish Grand National Assembly’s Planning and Budget Committee, aims to increase fairness and efficiency in taxation.
The regulation will intensify the fight against the informal economy and impose tougher penalties. More than 4,000 tax inspectors will be in the field throughout the year. Deterrent administrative fines will be imposed on anyone using someone else’s IBAN or POS device.
A brief summary of some of the regulations included in the proposal is as follows:
*The minimum domestic corporate tax rate is 10%. International companies will be subject to a 15% tax on profits earned in Turkey.
* The minimum pension will be increased to 12,500 lira.
* The fee levied per exit from international travellers will be increased to 500 lira. The fee will be increased annually according to the revaluation rate.
※If you are considered an insured person before September 8, 1999 and received an old-age pension or retirement pension for the first time, you can receive five levels of social security support if you continue to work at the same workplace that is subject to social security support fees. If your employer is going to be fired.
*VAT is exempted for earthquake-related assistance provided by foreign government agencies and organizations.
