Turkey Tax Agency Issues Guidance on Luxury Housing Tax

The Turkish Revenue Administration Feb. 11 issued Publication No. 581, on the luxury housing tax. Topics covered include: 1) that the tax applies to the portion of a domestic residential property’s building tax value that exceeds approximately 15.7 million lira in 2025, or approximately 17.7 million Turkish lira (US$404,759) in 2026; 2) the tax liability for properties with one owner, co-owners, or joint owners; 3) the Feb. 20 property tax return filing deadline; 4) the cessation of tax liability for properties that become exempt or are destroyed or demolished, with examples; 5) tax-exempt residential properties, such as owners with only ...