Turkey V.A.T. and Other Taxes
Value Added Tax:
- In most cases, VAT is 18%.
- There are different rates of tax of 1% And 8%% for goods and services as defined in law.
- VAT is charged on assets and services in Turkey as well as on imports into Turkey.
- Exports are not subject to value added tax.
- The period for reporting to the VAT authorities is once a month. The payment is made by the 26th day of the month after the end of the current month.
Tax on Transactions
- The tax is charged on all transactions that are carried out by banks and insurance companies.
- Tax of 5% is payable.
Inheritance and Gift Tax
- The tax is from 1% - 30% of the value of the asset.
- Inheritance tax is paid over 3 years, two payments being made each year.
Real Estate Taxes
- Annual property tax of 0.1%-0.3% is payable on land and buildings.
- A tax of 1.5% is payable on the sale of real estate. The tax is paid by the vendor and by the purchaser.
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