17February2016

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.

 

Written by Mükremin Akbulut, Posted in Taxation Law

  • Notification !

    Contents provided on this article serve to informative purpose only. The article is confidential and property of CottGroup® and all of its affiliated legal entities. Quoting any of the contents of this notification without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance is put in the preparation of this article, CottGroup® and member companies cannot be held liable of the application or interpretation of the information provided. It is strictly advised to consult a professional for the application of the above-mentioned subject. Prior to taking any action in regards the above, please consult your client representative if you are a customer of CottGroup® or consult to a relevant party.

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