Turkey Tax Agency Issues Guidance on Taxation of 2025 Commercial Income

The Turkish Revenue Administration Feb. 20 issued Publication No. 585, a guide on the taxation and declaration of 2025 commercial income. Topics covered include: 1) the deadline between March 1 and March 31 for submitting 2025 calendar year income tax returns; 2) defining commercial activities and the procedures to determine commercial earnings; 3) deductible and non-deductible expenses, including the conditions to qualify for a 5 percent discount on the tax calculated on an annual income tax return; 4) exemptions, loss offsets, and refund procedures; 5) tax rates and thresholds for 2025 and 2026 commercial earnings, including a 15 percent provisional ...