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Turkey Cuts CIT For Manufacturing Firms, Exporters

Wednesday, February 16, 2022

The Turkish Government has recently enacted Law No. 7,351, which provides corporate tax reliefs for exporters and manufacturing businesses.

The law provides for a one percentage point reduction in the corporate tax rate for exporting companies on profits derived from their exporting activities, or a one percentage point reduction for manufacturing businesses holding an industrial registry certificate.

The concession will apply for profits since the beginning of this year, in addition to concessionary rates in Article 32 of the Corporate Income Tax law.

The standard corporate tax rate is currently 23 percent for 2022 and will fall to 20 percent from 2023.