Turquia: Entorn econòmic
Start-up expenses are considered deductible expenses as incurred. Moreover, the taxpayer has the option to capitalise such expenses and to depreciate them over five years in equal amounts.
Donations to listed charities and for construction of schools, hospitals, and scientific research organisations are deductible at up to 5% of the company’s gross profit. Under certain conditions, payments for pensions and employee termination benefits are deductible for corporate income tax purposes.
"Strategic" investments (as determined by the government, such as investment in the production of products that rely heavily on imports) give rise to a deduction of up to 100% of corporate tax, along with several other advantages concerning customs duties, employer's social security contributions, etc.
Tax losses can be carried forward up to five years. The carryback of losses is prohibited. Charges for royalties and interest paid to foreign affiliates may be deductible for corporate income tax purposes when transfer pricing and thin capitalisation rules are followed.
For further information on available tax incentives, consult the dedicated page on the Revenue Administration portal.
Stamp tax applies to a wide range of documents, including, financial statements, and payrolls. Stamp tax is levied as a percentage of the value stated on the agreements at rates varying between 0.189% and 0.948%. Salary payments are subject to stamp tax at a rate of 0.759% over the gross amounts.
From 1 March 2020, Turkey levies a "Digital Service Tax" of 7.5% on service providers whose revenue derived from digital services during the previous fiscal year exceeds TRY 20 million in Turkey or EUR 750 million worldwide. The president is authorized to double the rate or reduce it to 1%, depending on the type of digital service.
A banking and insurance transaction tax applies at a general rate of 5% on bank and insurance charges. A Resource Utilisation Support Fund applies on foreign currency denominated loans at varying rates according to their maturity, as well as on TRY denominated loans with a maturity of less than a year. Foreign exchange purchases from banks, insurance companies, and foreign exchange offices, are subject to a 0.2% rate.
Other taxes include a tourism share (levied at TRY 2 and TRY 7.5 per TRY 1,000 of total net sales and leasing income) and an accommodation tax (rates originally set at 1% until 31 December 2020 and 2% afterwards, but the implementation of the tax has been postponed to 2022 due to the COVID-19 crisis).
Social security contributions for both the employer and the employee total 34.5% of an employee’s salary; 14% paid by the employee and 20.5% by the employer. In addition to social security payments, unemployment contribution is 3% of the salary, 1% for the employee and 2% for the employer. The monthly social security ceiling is TRY 26.831,40 for the period running from 1 January – 31 December 2021; with a minimum base of computation of TRY 3.577,50.
Turkey | Eastern Europe & Central Asia | United States | Germany | |
Number of Payments of Taxes per Year | 10.0 | 13.9 | 10.6 | 9.0 |
Time Taken For Administrative Formalities (Hours) | 170.0 | 226.2 | 175.0 | 218.0 |
Total Share of Taxes (% of Profit) | 42.3 | 36.5 | 36.6 | 48.8 |
Source: Doing Business, Latest available data.
Income Tax Rate (Employment Income) | 2021 |
TRY 0 to 24,000 | 15% |
TRY 24,001 - 53,000 | 20% |
TRY 53,001 - 190,000 | 27% |
TRY 190,001 - 650,000 | 35% |
Above TRY 650,000 | 40% |
Donations to specific institutions are tax-deductible. Individuals paying their taxes via annual tax returns can deduct their documented education expenses incurred in Turkey by themselves and their families from income declared on the tax return, up to 10% of the income tax base. Personal insurance premiums (for self, spouse, and/or children) are deductible, but are limited to 15% of the individual's monthly gross income and annual minimum wage amount.
For business income, the same general deductions as apply to corporations are available.
Find out more about Taxes and Accounting in Turkey on GlobalTrade.net, the Directory for International Trade Service Providers.
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Actualitzacions: May 2022