Official Gazette publishes new income tax withholding rate changes
President Recep Tayyip Erdoğan has recently signed a decision that brings changes to the tax deduction rates in Turkey. The modifications affect Article 94 of the Income Tax Law No. 193 and Articles 15 and 30 of the Corporate Tax Law No. 5520.
Under the new regulation, the withholding rate in the Income Tax Law (Article 94) has been increased from 10 percent to 15 percent. Similarly, the tax withholding rate in the Corporate Tax Law (Article 15) has also been raised from 10 percent to 15 percent. Additionally, tax deduction rates in the Corporate Tax Law (Article 30) have been increased to 15 percent from the previous 10 percent.
These changes will be enforced by the Ministry of Treasury and Finance in accordance with the Income Tax Law No. 193 and the Corporate Tax Law No. 5520.
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