Turkey Gazettes Law Amending Various Tax Measures

The Turkish Official Gazette Aug. 2 published Law No. 7524, amending various tax measures. The law includes measures: 1) repealing certain exemptions related to income tax and VAT and changing the application method of some exemptions; 2) applying provisions on daily revenue determination and the income tax base on commercial and professional earnings, effective Jan. 1, 2025; 3) implementing the 15 percent global minimum tax for multinational enterprise (MNE) groups with annual turnover exceeding 750 million euros (US$812 million) in at least two of the four preceding accounting periods, including calculation procedures and exemptions; 4) clarifying tax withholding requirements for ...