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July 22, 2019 Turkish law including amendments on Income Tax Law, Corporate Tax Law and Customs Law has entered into force The Turkish Parliament adopted Law No.7186 on the Amendments of Income Tax Law and Other Laws on 17 July 2019. This followed issuance of the Bill on 8 July 2019. The Law includes amendments in a number of laws, including the Income Tax Law, Corporate Tax Law, Customs Law, Banking Law and Central Bank Law. The Law was published in the Official Gazette on 19 July 2019 and has entered into force. Some of the amendments are summarized below. Income Tax Law AmendmentsAccording to the 1st article of Law No.7186; article 113 of the Income Tax Law is amended. Based on the amendment, only 10% of the gross revenue of the taxpayers who transport passengers in the inner-city and who obtain revenue from this activity through electronic payment collection systems will be taxable on the condition that these taxpayers demand to benefit from this regulation. Also, according to article 2 of Law No.7186, a provisional article 90 is inserted in the Income Tax Law. The article briefly states the following:
Corporate Tax Law AmendmentsArticle 19 of Law No.7186 adds a provisional article 12 to the Corporate Tax Law which provides:
Customs Law amendmentsAccording to article 14 of Law No.7186, a provisional article 10 is inserted in the Customs Law. The article briefly states the following:
For additional information with respect to this Alert, please contact the following: Kuzey Yeminli Mali Müsavirlik ve Bagimsiz Denetim A.S. Istanbul
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