Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 1/4/2013

Turkey - Tax law changes affecting foreign investors 

January 4:   Changes to Turkish tax law, published at the beginning of 2013, include measures that affect foreign investors in relation to investments in Turkey.

Among the changes to Turkish tax law are the following provisions:


  • Foreign currency-denominated loans and gold-based loans granted to Turkish residents from foreign sources may become subject to an additional surcharge (i.e., the “resource utilization support fund”)
  • An increase in stamp tax rates, from 0.825% to 0.948%, and an increase in the stamp tax ceiling to just under TL 1.5 million (approximately U.S. $830,000)
  • Increased value added tax (VAT) rate on certain real estate transfers
  • Increase to withholding tax rates for deposits and participation accounts (depending on the maturity date and currency denomination)

Read a January 2013 report [PDF 150 KB] report prepared by the KPMG member firm in Turkey: Turkish Tax Alert: Recent Tax Law Changes in Turkey




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