Turkey Increases Corporate Income Tax Rate for 2021 and 2022
According to the latest issue of the Official Gazette, the corporate tax rate, which is currently applied as 20% in Turkey, will be increased to 25% for 2021 and 23% for 2022 for corporate incomes.
The new tax rate will be in effect starting from April 22, 2021. It will apply to the whole of 2021 since the tax is calculated based on cumulative periods. Corporate income tax declarations must be submitted as of July 1, and to be valid for the corporate earnings for the taxation period starting from January 1.