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13March2023

Tax and SSI Premium Exemption for the Earthquake Victims

Tax and SSI Premium Exemption for the Earthquake Victims

The Law No: 7440 published on the Official Gazette dated March 13, 2023 and numbered 32130.

With that Law, the additional payments / allowances up to a limit amount of TRY 50,000, made to the earthquake victim employees (whose spouse, child or mother and father were affected), between the period February 6, 2023 – July 31, 2023, will be exempt from income tax (In Turkish), social security premium and stamp tax. (In Turkish)

Based on the above article, the related conditions can be listed as below:

  • It will be applied for places where force majeure is declared within the scope of Law No. 213, Article 15 of.
  • It will be applied to the employees, whose him/herself, spouse, child or parents were affected by the earthquake.
  • It will be applied between February 6, 2023 and July 31, 2023 (including these dates).
  • It will be applied for in-kind / non-cash benefits and cash benefits not exceeding 50,000 TL, given in addition to current compensation such as wages, premiums, bonuses, etc.

You can reach the relevant Law via that link (In Turkish).

Should you have any queries or need further details, please contact your customer representative.

Written by Erdoğdu Onur Erol, Posted in Social Security Law and Legislation, Taxation Law

  • Notification!

    Contents provided in 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 without credit being given to the source is strictly prohibited. Regardless of having all the precautions and importance put in the preparation of this article, CottGroup® and its 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.

    Please consult your client representative if you are a customer of CottGroup® or consult a relevant party or an expert prior to taking any action in regards to the above content.

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