Turkey Tax Agency Issues Individual Income Tax Guidance on Income From Real Estate Sales

The Turkish Revenue Administration Feb. 20 issued Publication No. 504, on the taxation of income from the sale of real estate owned by an individual within five years of acquisition. The publication is intended for use with filing 2023 annual income tax returns. Topics covered include: 1) the determination of income as capital gains or commercial gains; 2) the taxation of capital gains arising from the disposal of property types such as land, buildings, mines, ships, and other assets; 3) the determination of the acquisition date and the computation of gain; 4) electronic and paper tax declaration filing procedures and ...