Turkey Gazettes Law Amending Various Tax Measures

The Turkish Official Gazette June 4 published Law No. 7582, amending various tax measures. The law includes measures: 1) introduce a 20-year exemption on foreign-source income for individuals becoming tax resident in Turkey who didn’t have domicile or full tax liability there in the three calendar years before moving; 2) introduce an income tax exemption for the salaries of qualified service center employees, capped at three times or five times the gross minimum wage, and subject to doubling by the President; 3) provide a 95 percent deduction rate on profits for companies outside the financial center and specified industrial zones, ...