Income Tax Exemption for Young Entrepreneurs
Income tax exemption has been introduced for the young entrepreneurs by the "Law on Amendment of Income Tax Law and Certain Other Laws" published in the official Gazette dated 10.02.2016.
In summary; the portion of up to TL 75,000 of the income to be generated throughout three taxation periods by the real persons fulfilling the following requirements, whose Income Taxpayer status has been established for the first time and who have not completed age 29 as of the commencement date, shall be exempted from income tax:
- The commencement date of employment should be notified within the legally prescribed term
- They should be actively engaged in their own business
- In case engaged in the activities within an ordinary partnership or a private company, all the partners should fulfill the related requirements as of commencement date of employment
- No subsequent partnership in an existing business or activity
Please click here to view the law which includes the relevant regulation. Please contact your customer representative or an expert for further information.