An omnibus law has been published in Turkey, amending certain
aspects of laws relating to expenditure tax, income tax, value
added tax, personal pension savings, sentencing and security
measures, social security and health insurance, as well as
corporate tax. The Law Numbered 6655 was published in Official
Gazette number 29580 on 1 January 2016 ("Omnibus
Law"), entering into effect the same day.
Significant amendments under the Omnibus Law include:
Bank and insurance operations tax
will not apply for money obtained within the scope of credits for
financing machinery and equipment which are purchased specifically
for use in manufacturing process by industrial business which hold
an industrial registry certificate under Industrial Registry Law
Number 6948 (amendment to Article 29(1) of the Expenditure Tax
The validity period for tax
deductions applicable to banks and intermediary institutions has
been extended from 31 December 2015 to 31 December 2020 (amendment
to Provisional Article 67 of the Income Tax Law).
The exemption period for computer and
software donations made to the Ministry of National Education is
extended from 31 December 2015 to 31 December 2020 (amendment to
Provisional Article 23 of the Value Added Tax Law).
The period for partially or
completely transferring pension amounts to a personal pension
system is extended from 31 December 2015 to 31 December 2017
(amendment to Provisional Article 1 of the Personal Pension Savings
and Investment System Law).
The period during which certain
earnings and revenues are not deemed to be commercial enterprise is
extended from 31 December 2015 until 31 December 2020 (Amendment to
Provisional Article 2 of Corporate Tax Law).
Please see this link for the full text of the Law Number
6655 (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal
update newsletter produced by Moroğlu Arseven.
The content of this article is intended to provide a general
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