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Turkey Tax News 2009

Turkey new Incentive Package June 2009 The Turkisk PM Erdogan unveiled on June 4, 2009 a new incentive package. The incentive will apply to new investments launched by the end of 2010, granting reduced corporate tax rates, depending on the regional location. Turkish regions are divided into four categories. The first category includes most of the most developed regions in the west, while the fourth category includes the least developed regions in eastern and southern Turkey. According to the incentive package the Turkish corporate income tax rate, currently 20%, will be reduced to 10% in regions located in the first categoery, 8% in the second category, 4% in the third category and 2% in the fourth category. Turkey Tax Rates 2008 January 2008 Turkey's tax rates for 2008 are similar to 2007 rates. Turkey's corporate tax rate is 20%.Personal income tax rates in 2008 are 15%-35%, with slight changes in the tax brackets, compared to 2007. The VAT rate in 2008 is 18%. Turkey Income Taxes May 2006 The Turkish parliment approved a tax reform , effective from 1.1.2006 From 1.1.2006 the new Turkey corporate tax rate is 20%(previous rate-30%). The new top marginal income tax rate for individuals is 35%.(previous rate-40%). Turkey Corporate Tax February 2006 According to a draft proposal, Turkey's corporate tax rate would be reduced to 27% in 2006. The proposal has not been approved yet.

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