Turkey Gazettes Communique Increasing VAT Refund Threshold for Reduced VAT Transactions, Extending Machinery Exemption

The Turkish Official Gazette Dec. 30, 2022, published a communique: 1) increasing the VAT refund threshold to 57,300 Turkish lira (US$3,052) from 25,700 lira (US$1,369) for 2023 transactions subject to reduced VAT rate; and 2) implementing a presidential decision extending the VAT exemption end date to Dec. 31, 2024, from Dec. 31, 2022, on certain deliveries of new machinery and equipment. The communique enters into force Jan. 1, 2023. [Turkey, Official Gazette, 12/30/22]

Reference: View Communique No. 44, Official Gazette No. 32059. View Index.