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VAT Exemptions for Manufacturing and Tourism Sectors

Turkey published Law No. 7394 in the Official Gazette on 15 April 2022. Among other things, the Law provides for an increase in the corporate tax rate to 25% on financial sector companies, including banks, financial leasing companies, asset management firms, and insurance companies. Turkey’s standard corporate tax rate is 20% but was temporarily increased to 25% in 2021 and 23% in 2022. As provided by Law No. 7394, the 25% tax rate for financial sector companies applies for the 2022 tax period and applies for tax returns that must be submitted as of 1 July 2022.

Source Orbitax

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