Everything related to income tax in Turkey
There are many factors that have contributed to attracting investors to Turkey and establishing many projects in all economic and cultural fields, even in the field of real estate. Perhaps the most important of these factors is the strategic location that Turkey enjoys and its proximity to many important countries, as we do not forget that they are located between Europe and Asia are connecting the Middle East with the European continent, and this reflects positively on all its commercial dealings with the countries of the region.
The second important factor that encourages investment in Turkey is the many facilities provided by the Turkish government to foreign investors and the many laws it issues to facilitate matters in addition to reducing the value of taxes incurred by any foreign investor who does not hold Turkish citizenship.
There are many types of taxes in Turkey, but they are all subject to a strict and constant law that ultimately serves the interest of the investor and does not undermine his right. One of the distinctive things in Turkey is that the taxes imposed on the Turks are the same as imposed on the foreign investor without there being any additional fees. This allows the investor to go into any field he desires, as he has the right to buy a property in Turkey or to enter into trade or to establish a company without incurring an increase in taxes.
There is a special type of tax in Turkey called income tax, so what does it mean? And who pays it? We will learn all this information next.
Definition of income tax in Turkey:
Income tax is a type of tax that a person pays from the income he gets, while income is the net value of all imports and profits that an individual has obtained during the year.
Elements of income tax in Turkey:
According to the Turkish tax law, income tax in Turkey is imposed on a group of imports and profits, and these have been collected and they are:
- Business profits.
- Agricultural profits.
- Profits from free businesses.
- All immovable capital revenues.
- Movable capital revenues.
- All other income and miscellaneous profits.
How to pay income tax in Turkey:
According to Turkish law, income tax is calculated and deducted during the month of March of each year and continues until March 25, and income tax begins in the year following the year in which the individual obtained the source of this taxable income.
As for how this tax is paid, it takes place within the tax directorate to which the individual's real estate or workplace belongs, or even through the bank, and it is paid in two stages, the first extending until the end of March, while the second phase extending to the end of July.
People who must pay income tax in Turkey:
Income tax is considered a duty for all persons residing in Turkey, in addition to people who reside in Turkey for a period of six full months without interruption, and income tax is also imposed on all persons holding Turkish citizenship and residing in another country outside Turkey because of doing business and activities. Commercial or management of companies and institutions located in Turkey.
And here it must be noted that the income tax is deducted from all profits and imports that belong to the individual, whether he obtained it inside or outside Turkish territory.
People who pay income tax in Turkey with deductions:
There are some individuals who do not have to pay income tax in full and they are people who do not reside in Turkey as they have to pay a reduced income tax and are subject to incomplete taxation with regard to taxes in Turkey, and the income tax is deducted from imports and the profits they earn within Turkish territory only.
Thus, we find that the process of paying income tax in Turkey is simple and serialized according to logical steps in a way that ensures the fullest progress of work, and there is no doubt that the Turkish government is making many improvements and modifications in all areas and at all levels to ensure the smooth flow of work. The affairs of foreign and Turkish investors also facilitate the matter.
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