In the Official Gazette dated January 2, 2024 and numbered 32417, a Communiqué was published by the Central Bank of the Republic of Türkiye.

The purpose of the Communiqué is to announce the default interest rate and minimum compensation amount for late payments made to the creditor pursuant to Article 1530, Paragraph 7 of the Turkish Commercial Code.

The statutory deductions applicable in a standard Turkish payroll are social security premium, income tax, and stamp tax. Also, the salaries generated from liaison offices in Türkiye are exempt from income tax per Article 34/14 of Income Tax Law, and these are only subject to social security.

Also, the income tax exemption as much as the income tax deduction amount calculated over the minimum wage for all wages introduced in 2023 will continue in 2024 as well.

Social Security Premium

Social Security Premium is calculated over wages monthly and paid jointly by the employee and the employer. The contribution rates are as follows:

The Law No. 7491 titled "Law on Amendments to Certain Laws and Decree Laws" was published in the Official Gazette No. 32413 dated December 28, 2023.

Under the scope of Law No. 7491, the following adjustments have been made in tax implementations:

Within the scope of the Presidential Decree No. 8004 published in the Official Gazette No. 32413 dated December 28, 2023, the determined incentive rate application for technology employees has been extended until December 31, 2024.

The scope of incentives was briefly outlined in the previous regulation (before extension) as follows: