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07January2020

2020 1st Period - Maximum Severance Payment Amount Has Been Declared

2020 1st Period - Maximum Severance Payment Amount Has Been Declared

According to the 27998389 - 010.06.02-13659 numbered Circular published by the Ministry of Treasury and Finance on 06.01.2020 with the subject ‘Financial and Social Rights’, the coefficients used to calculate the wage of a public officers have been revised effective 01.01.2020.

Details on the above-mentioned subject are outlined below.

A) Income Tax Exempted Severance Pay

The following values have been calculated taking these coefficients into account and shall be applied for the period between the dates of 01.01.2020 – 30.06.2020 maximum severance pay to be exempted from income tax is determined as 6.730,15.- TL.

B) Income Tax Exempted Child Support

The following values have been calculated taking these coefficients into account, and shall be applied for the period between the dates of 01.01.2020– 30.06.2020 monthly child support to be exempted from income tax is;

  • For children 0-6 years of age – 73,03.- TL,
  • For others – 36,52.- TL

To access the full circular in which these announcements were made, please click here.
(Please also be advised that the contents of this circular are in Turkish language.)

Author Erdoğdu Onur Erol, Category Taxation Law, Labor Law

About The Author

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