The New Tax Regulation Has Been Accepted By The Commission
The new tax regulation proposal has been accepted by the Parliament's Planning and Budget Commission. The regulation changes and amendments the Income Tax Law among other legislation.
According to the proposal, online platforms owners that receive online advertisements, as well as sales of music, videos and games will be subjected to Digital Service Tax and the tax rate will be 7.5% . The proceeds obtained in Turkey in the 20 million or 750 million euros less than in the world will be exempt from tax.
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With the new proposal, upper tranche will be increased from 35% to 40%. Thus, those who earn 500.000 TL will have pay 40% of their income.
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Under the name of Valuable Housing Tax, residential buildings with the value of more than 5 million Turkish liras will be taxed between 3‰ and 1%.
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Income tax exemption of sport referees will be removed.
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Tax deducted from the athletes playing in the higher leagues will be increased from 15% to 20%. The tax increase will apply to new contracts.
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In addition, a limit will be imposed on the tax-deductible portion of vehicle rentals.
