Turkey reportedly set to hike corporate tax rate to 25%

By bne IntelIiNews April 10, 2021

A parliamentary commission has reportedly approved a bill filed by Turkey's ruling Justice and Development Party (AKP) on hiking the country's 2021 corporate tax rate to 25%.

The rate, which stood at 20% throughout 2018-2020, would subsequently decline to 23% in 2022 if local media reports prove correct.

The AKP and its junior partner, the ultra-nationalist Nationalist Movement Party (MHP), maintain a majority coalition in parliament. The bill looks set to receive approval if corporates cannot succeed with last minute lobbying attempts aimed at changing Turkish President Recep Tayyip Erdogan’s mind on the matter.

The new tax rate would be effective from July 1, but it its impact will apply to the whole of 2021 since the tax is calculated based on cumulative revenues, Dunya noted.

Related Articles

Turkish footwear manufacturers step up investments in Uzbekistan’s leather and footwear industries

Turkish footwear manufacturers are stepping up their investments in Uzbekistan’s leather and footwear industries, according to local reports. A $1mn investment in the manufacture of leather, ... more

Shipping companies latest to feel effects of “West’s very tight blockade against Turkey’s banking system", says report

Shipping companies are the latest to feel the effects of “the West’s very tight blockade against the Turkish banking system”, according to a report by Turkish publication Ekonomim. In ... more

“Panic buys” push up white goods sales in Turkey as consumers fret over impending credit card curbs

White goods sales in Turkey moved up 22% y/y in January as anxious consumers rushed to stores to make “panic buys” ahead of possible government measures to curb credit card spending, according to ... more

Dismiss