04January2018

INCOME TAX EXEMPTED SEVERANCE PAY FOR 2018 1st PERIOD

INCOME TAX EXEMPTED SEVERANCE PAY FOR 2018 1st PERIOD

According to the circular numbered 27998389-010-06-02-138 released by the General Directorate of Budget and Fiscal Control on 04.01.2018 with the subject ‘Financial and Social Rights’, the coefficients used to calculate the wage of a civil servant have been revised effective 01.01.2018.

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 01.08.2018 – 30.06.2018 maximum severance pay to be exempted from income tax is 5.001,76.- 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 01.01.2018– 30.06.2018 monthly child support to be exempted from income tax is;

  1. For children 0-6 years of age – 54,28.- TL,
  2. For children over 6 years of age – 27,14.- 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 is in Turkish languge.

Written by Selma Kıy, Posted in Taxation Law, Labour Law

About the Author

Selma Kıy

Selma Kıy
CPA, Managing Partner.