A new bill to make amendments to ‘the Unemployment Insurance Law and Some Laws’ is on the agenda of the Grand National Assembly of Turkey.
The bill includes various regulations such as;
• Repatriation of capital will come into effect again
• The companies whose shares are offered to the public for the first time at a rate of at least 10 percent on the Borsa Istanbul will be able to benefit from corporate tax rate at a reduced rate, and the President will carry the authority to reduce corporate tax rate down to 5 points for all institutions.
• The tax applications of full taxpayer capital companies, in case they withdraw their shares, are being re-regulated.
• A new incentive will be introduced to encourage exports.
• Some temporary regulations in the tax laws, whose implementation period will expire by the end of 2020, are being extended.
• In cases where it is not clearly stated that the exception or exemption regulation included in other laws includes income / corporate tax withholding, it is recommended to withhold tax within the scope of the temporary article 67 of the Income Tax Law.
• Part-time employees are exempted from income tax and stamp tax.
With the proposal of this bill, it is aimed to eliminate the possible impacts of the novel coronavirus on Turkey’s economy and to sustain economic activities in the country.