Turkey Gazettes Law Amending Various Tax Measures

The Turkish Official Gazette July 15 published Law No. 7456/2023, amending various tax measures. The law includes measures: 1) increasing the standard corporate tax rate to 25 percent from 20 percent, and to 30 percent from 25 percent for financial sector companies; 2) increasing the tax rate reduction to 5 percent from 1 percent for companies generating income from exports; 3) revoking the 50 percent capital gains exemption and the VAT exemption on the sale of immovable properties held for a minimum of 2 years; 4) granting a 25 percent exemption on sales of qualifying properties; 5) repealing the exemption ...