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

The Turkish Revenue Administration June 4 opened a consultation on Draft Income Tax General Communique No. 335, regarding amendments to Income Tax General Communique No. 326. The draft communique includes measures to: 1) exempt from income tax shares granted free of charge or at a discount by qualifying employers, limited to the portion of their market value at issuance not exceeding twice the employee’s annual gross salary; 2) revise the holding period conditions; 3) require recovery of taxes not collected due to the employer’s exemption; 4) impose interest without tax evasion penalties upon violation of the holding period conditions; 5) ...