Turkish Parliament Approves New Tax System

The Turkish parliament has assented a law that sets new regulations for the country’s tax system. The law aims to collect “a higher tax rate from those who earn more and lower tax rate from those who earn less”.

The law also proposes new taxes – the real estate value tax and residence tax. Homeowners with a value of between 5-7.5 million TL will pay a tax of 0.3%, while a 0.6% tax will be applied to homes worth between 7.5 million and 10 million TL. Houses over 10 million TL will be taxed at 1 per cent.

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