Turkey Gazettes Law Amending Various Tax Measures

The Turkish Official Gazette April 17 published Law No. 7577, amending tax measures. The law includes measures: 1) disallowing corporate income and individual income tax deductions for advertisement and promotion expenses related to betting and games of chance; 2) exempting VAT on specified transfers of immovable property as part of eminent domain, from June 1; 3) specifying special consumption tax exemptions for specified vehicles with values not exceeding approximately 2.9 million Turkish lira (US$64,633), including all taxes, and for individuals with at least a 40 percent disability rating who can’t obtain a driver’s license; 4) exempting from contributions benefits such ...