Turkey Tax Agency Seeks Comments on Proposed Amendments to Corporate Tax General Communique

The Turkish Revenue Administration April 8 opened a consultation on Draft Corporate Tax General Communique No. 25, regarding amendments to Corporate Tax General Communique No. 1. The draft includes measures to: 1) clarify the exemption on earnings of Turkish funds and investment partnerships, to reflect a deduction for expenses related to earnings derived from immovable property; 2) clarify the determination of earnings and exemption amounts when corporate tax exemptions are applied on a transaction-by-transaction basis; 3) clarify that activity-based corporate tax exemptions relate to earnings from the assessment of all activities relating to the same exemption subject within an accounting ...