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02January2018

2018 Minimum Wage & the Minimum Subsistence Allowance Rates (MSA)

a. Minimum wage

In a press release dated December 29, 2017 the Ministry of Labor along with the Minimum Wage Determination Committee have announced the minimum wage to be effective for the year of 2018 as shown in the table below. The Official Gazette related to this change has yet to be released.

Author Burcu Özel, Category Social Security Law and Legislation

29December2017

2018 Legal Parameter Changes

  • Income Tax Exempted Food Allowance
  • Disablement Degree Discount
  • Income Tax Brackets of 2018
  • Stamp Tax Rate

Author Selma Kıy, Category Social Security Law and Legislation, Taxation Law

27December2017

New Processes Are Applied To The Self – Employment Income Bookkeeping

By virtue of the procedures and principles explained in the General Communique with the serial number 486 of the Tax Procedure Law, Self-Employment Income Ledgers will no longer be kept in hard-copy form and starting as of 01.01.2018. These ledgers will be kept electronically on the internet system of the Directorate of Revenue Administration by the “Ledger Declaration” method.

Author Selma Kıy, Category Taxation Law

27December2017

5% Reduction in The Income And Corporate Tax

The details of the tax reduction to be applied to taxpayers who are compliant with their tax duty have been clarified by virtue of the Income Tax General Communique Numbered 301 published in the Official Gazette No 30279 dated December 23, 2017.

The stipulated arrangement allows the taxpayers of annual income tax as well as the taxpayers of corporate tax, except for those operating in finance and banking sectors, insurance and reinsurance companies, pension companies and pension investment funds, to deduct 5% of the taxes calculated on the basis of their income or corporate tax returns, from their income or corporate taxes required to be paid.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Taxation Law

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