Turkey Tax Agency Issues Guidance on Application of Corporate Income Tax Rates

The Turkish Revenue Administration March 31 issued Publication No. 605, on the application of corporate income tax rates. Topics covered include: 1) the 25 percent standard corporate income tax rate, and 30 percent rate for specified entities such as banks and capital market institutions; 2) the application of provisional tax at the relevant rate for the current period; 3) the entities, including commercial companies, obligated to make withholding deductions from fully taxable corporations, and the 15 percent withholding rate; 4) the discount of up to 75 percent on income for small and medium-sized enterprises (SMEs) that are in mergers, hold ...