Turkey Tax Agency Issues Guidance on Taxation Related to Sports Sponsorships

The Turkish Revenue Administration Aug. 27 issued Publication No. 569, on taxation related to sports sponsorships. Topics covered include: 1) in-kind and cash support sports sponsorships provided by real or legal persons in exchange for communication opportunities; 2) the 100 percent deduction from individual or corporate income tax for sponsorship expenditures for amateur sports, and 50 percent deduction for professional sports, if separately stated in the declaration; 3) the deduction of advertising expenses from individual or corporate income tax; 4) the application of proportional stamp duty to sponsorship agreements; 5) the nondeductibility from corporate income tax of VAT paid due ...