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Tax in Turkey: Recent Regulations due to the Ongoing Pandemic
Even before the corona pandemic began more than a year ago, the Turkish economy was fragile. The Turkish government has therefore taken steps to cushion the consequences of the pandemic.
Short-Time Work Benefit Extended by 3 Months
As the pandemic continues, it was decided to extend the short-time work allowance for 3 more months (to the end of June 2021). The allowance is calculated as 60 percent of average daily gross earnings and cannot exceed 150 percent of the gross amount of the monthly minimum wage.
Corporate Tax Rate Increased
Following an amendment in 2017, corporate tax was in Turkey increased from 20 percent to 22 percent for 2018-2020. The 20 percent rate was reintroduced for 2021. A new amendment will now see the current 20 percent rate increased to 25 percent in 2021, and 23 percent in 2022.
Regulations on Remote Working
It is inevitable that our working habits will change after the pandemic. For example, Istanbul based Koc Holding announced that they are working on a permanent home working model for their 35 thousand employees. The Ministry of Labour and Social Security has now introduced regulations on employee and employer relations. Accordingly, an employer who decides that employees should work remotely is obliged to provide technical and financial support to those employees, explain the Ecovis experts.
Regulation of Cryptocurrencies
Many countries have not yet regulated cryptocurrencies, whose transaction volume now exceeds 2 trillion dollars. In Turkey, the use of cryptocurrencies as a means of payment is banned as of 30 April 2021. The ban applies only to payment methods using cryptocurrencies and not the cryptocurrencies’ assets.
For further information please contact:
Uğur Kaan Bora, Assistant Auditor, ECOVIS DIPLOMAT DENETIM VE YMM A.S, Izmir, Turkey
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