NEWS Accounting        28/11/2020

Turkey’s increase in tax, penalty and other charges is 9.11% as of beginning of 2021

The Treasury and Finance Ministry has announced in the Tax Procedural Law General Regulation as published in the Official Gazette the revaluation rate of 9.11% which will be applied to tax, penalty and other charges as of January 1st, 2021. This rate of 9.11% will be applied unless there is a Presidential decree or ministerial decree to the contrary. The president has the authority to increase the rate by no more than 50% and to decrease the rate by no more than 20%.

 

Property tax paid to municipalities has been increased by 4.55%, half of the revaluation rate.

 

Salaries paid to government employees will be increased by 3% as of 01.01.2020 and again by 3% as of 01.07.2020, resulting in a total annual increase of 6.1%.

 

 



Turkey’s net minimum wage has been raised 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021