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Turkey Introduces New 40pc Top Tax Rate for Individuals

Wednesday, January 8, 2020

Turkey has published General Communication No. 310 in the Official Gazette, which sets income tax thresholds and rates for 2020.

Income tax on employment income ranges from 15 percent, on income up to TRY22,000 (USD3,691), to 40 percent, on income over TRY600,000.

The intermediate rates of tax are 20 percent, on income between TRY22,000 and TRY49,000; 27 percent on amounts thereafter up to TRY180,000; and 35 percent on income up to TRY600,000.

Only for non-employment income are the thresholds different. For non-employment income exceeding TRY49,000 and up to TRY120,000, the rate is 27 percent, while the 35 percent rate applies on income thereafter up to TRY600,000.