Each year, the rent income earned by real persons are declared to the respective tax office with the Annual Income Declaration until 25th of March. The types of income that are within the scope of GMSI except for the rent incomes, are stated in the Income Tax Law Number 70. In the below table only information is provided for rent income from residental and commercial places. For further detailed information please contact your customer representative or an expert.

The Decree-law No. 687 on the Adoption of Certain Regulations under the State of Emergency came in force upon its publication in the 29974 numbered Official Gazette, issued on 02/09/2017.

The following regulations have been introduced by the Decree-law.

a. Income Tax Exempted Severance Pay

According to the circular numbered 27998389-010-06-02-66 released by the General Directorate of Budget and Fiscal Control on 03.01.2017 with the subject 'Financial and Social Rights', the coefficients used to calculate the wage of a civil servant have been revised effective 01.01.2017.

Income Tax Exempted Food Allowance

Meal allowance tax exemption amount that is applied as of 1^st January 2017 was announced in 296 serial numbered Income Tax General Communique on 27.12.2016 with Official Gazette. According to this announcement, meal allowance, which is provided by the employer outside of the workplace and workplace outbuildings as defined in the Income Tax Law's 23^rd Articles, exemption amount is defined as 14.00 TL for 2017.