Turkey Tax Exempt Income
Turkish law exempts the following forms of income from tax:
- Profits from private pension funds, up to a limit.
- For individuals, 50% of dividend income from a resident company.
- For individuals, rental income, up tp YTL 2,200 per year.
- A capital gain made by a company on the sale of real estate, subject to conditions.
- A capital gain made by a company on the sale of a depreciable asset when the proceeds are used within 3 years for the purchase of a new asset.
- A capital gain made by an individual on the sale of Turkish securities that he had held for at least 1 year before the date of sale.
- Company car provided by the employer.
TAX RELIEF
- Undocumented expenses paid in foreign currency abroad, up to 0.5% of gross income.
- Bad debts, subject to certain conditions.
- Donations to certain organisations, up to 5% of taxable income.
- Medical expenses made by employees.
- Rent expenses.
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