Under Turkey's tax system, taxes are mainly divided into three categories: income taxes, consumption taxes, and property taxes. Direct taxes include personal income tax and corporate income tax. Indirect taxes include VAT, stamp duty, motor vehicle tax, banking and insurance transaction tax, gambling tax, inheritance and gift tax, property tax, communication tax, education contribution fee, customs duties, and special consumption tax.

Major Taxes and Rates

1. Corporate Income Tax: The CIT rate was raised from 25% to 30% in July 2023. Annual filing is required within 3 months after the fiscal year-end.

2. Personal Income Tax: Rates range from 15% to 40%, depending on income amount and type.

3. VAT: Rates include 1%, 10%, and 20%. Generally filed monthly and due by the 20th of the following month.

4. Stamp Duty: Levied as a percentage of document value, with rates from 0.189% to 0.948%. Some documents are subject to fixed amounts. Filing and payment are generally made at the time of signing.

5. Property Tax: Divided into three categories: inheritance and gift tax, real estate tax, and motor vehicle tax. Real estate tax is levied on all buildings and land at 0.1%-0.6%. Motor vehicle tax is a fixed amount based on vehicle age and engine capacity. Inheritance and gift tax ranges from 1% to 30%.

The above rates may change with Turkish tax law amendments. It is advisable to consult the latest regulations or professional tax advisors for specific tax matters.

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