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Turkey Amends Personal Income Tax Benefits and Extends Corporate Income Tax Exemption for TRY Accounts

16 November 2022

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Approved Changes

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Turkey

Turkey's Revenue Administration has announced the publication of Law No. 7420 in the Official Gazette on 9 November 2022, which includes various measures in relation to personal income tax benefits. Measures include: An increase in the renewable energy facility, providing an income tax exemption on up to 50 kWh (from 25 kWh) produced and sold by individuals from renewable energy installations on homes from 1 January 2023; An income tax exemption on employer compensation received for daily food costs, including when paid in cash when food is not served at the workplace from 1 January 2023; An income tax exemption...