Turkey to apply 5 pct tax cut for regular corporate taxpayers by Jan 1, 2018

ANKARA

A government plan granting 5 percent cut in taxes for corporate taxpayers who pay on a regular basis and on time will start to be applied by Jan. 1, 2018.

According to a notice, issued on the Official Gazette on Dec. 23, all corporate taxpayers will pay 5 percent lower than the calculated taxes if they meet a number of requirements.

Income tax payers in commercial, agricultural or professional activities and financial, banking and insurance companies will, however, be exempt from the tax cut.

The total discount per each taxpayer will not be higher than 1 million Turkish Liras, according to the government notice.

In order to be able to benefit from the tax cut, companies must submit their tax statements on time and paid their taxes on time in the last four years and have fully obeyed the laws and regulations prohibiting tax evasion practices.