Istanbul Financial Center Law<\/a> can benefit from exemptions or a 50% income deduction on the goods sold abroad without being brought into Turkey. Furthermore, 50% of the income resulting from the deduction of expenses and costs from activities included in the exemption can be deducted by showing them in the “Exemptions and Discounts to be Deducted in Case of Earnings” section of the corporate tax return in Turkey. It is important to note that any amounts that cannot be deducted due to other discounts or exceptions and previous year’s losses will not be carried over to the following periods.<\/p>\n\n\n\nAdditionally, the updated Corporate Tax General communiqu\u00e9 includes discounts on capital increases that companies can benefit from. A discount rate of 75% will be applied to cash capital increases covered by cash brought from abroad. Moreover, companies can benefit from discounts on capital increases separately for five accounting periods, including the period in which the decision regarding the capital increase or the articles of association were registered at the initial establishment stage.<\/p>\n\n\n\n
For companies conducting capital decrease after transfer transactions, the accounts in the balance sheet of the transferee company must be transferred to the transferee company’s balance sheet as a whole over the registered values, and the equity items added to the capital must be followed in the sub-accounts of the transferee company’s capital. It is worth noting that items transferred from company capital within the scope of transfer transactions will not be subject to corporate tax in Turkey and\/or tax deduction at this stage. If the company has capital reduction in the following periods, taxation must be made within the scope of the Corporate Tax General communiqu\u00e9 according to the nature of the reduced capital elements.<\/p>\n\n\n\n
The updated Corporate Tax General communiqu\u00e9 is effective as of the publishing date, and relevant details are available in Turkish. For further information, please contact<\/a> your customer representative.<\/p>\n","protected":false},"excerpt":{"rendered":"The Corporate Tax General Communiqu\u00e9 in Turkey has been amended and published in the Official Gazette under the title “Communiqu\u00e9 on Amending Corporate Tax General Communiqu\u00e9 Serial No. 21 in Turkey” on March 1, 2023. The updated communiqu\u00e9 includes several changes that institutions should be aware of, including discounts on earnings for those operating in…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-17177","post","type-post","status-publish","format-standard","hentry","category-useful-articles","category-43","description-off"],"yoast_head":"\n
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