Turkey’s New Law Amends Taxation System: Change Is the Only Constant
The Law on Restructuring and Tax Base Increase Has Been Published
Real Estate and Motor Vehicle Tax Increases Announced
The application period for the reduction in value added tax (‘’VAT’’) and withholding tax on real estate rentals has been extended for three months to be valid from 1 June 2021 by Presidential Decree published in the Official Gazette on 2 June 2021. You can reach the decree here. (Available in Turkish only).
As a result of the decision, which provides an extension to the temporary reduction in VAT and withholding tax on real estate rentals until 31 July 2021 due to the economic damage caused by Covid-19, several services such as passenger transportation, cultural activities and weddings have been affected.