The Turkish Grand National Assembly (TBMM) continues its legislative work. Deputies will work overtime to enact the bill that includes the tax and economy package in the General Assembly of the Turkish Grand National Assembly this week. The proposal includes many regulations from mukhtars’ allowances to exceptions in the delivery of residences or workplaces to foreigners. According to the proposal, no allowance will be given to mukhtars below the net minimum wage. An additional price difference will be introduced for service purchases within the scope of access to education through transportation.
TAXATION CHANGES FOR PHYSICIANS
For some companies operating in the financial sector, the Corporate Tax rate will be increased to 25 percent. In order to be exempt from Value Added Tax (VAT) in the deliveries of residences or workplaces to foreigners, the 1-year holding requirement will be increased to 3 years. Physicians who carry out the practice of medicine by issuing a contract with one or more private health institutions will be considered as self-employed and their earnings will be taxed according to the provisions of self-employment earnings.
AGRICULTURAL LANDS BELONGING TO THE TREASURY CAN BE RENTED UP TO 10 YEARS
Agricultural lands belonging to the Treasury can be directly leased for up to 10 years, over half of the current year's value, to those who have used and continue to use agricultural lands for at least 3 years before 31 December 2019. According to the law proposal, revenues from the sale of public houses, whose tenders were made between 2022 and 2023, will be recorded as revenue in the general budget, excluding revenues from the sales of houses belonging to local administrations and social security institutions. The contracts of savings finance companies, whose assets do not meet their obligations, will be transferred to savings finance companies that are allowed to operate. In the meantime, weekly group meetings of political parties will be held in the Turkish Grand National Assembly.
APPLICATION TIME EXTENDED TO DECEMBER 31
With the regulation, a 20 percent discount will be applied to the direct sales of the Treasury immovables over the current value, if the sales price is paid in advance. The application and payment period for those who do not apply within the deadline for the sale of the immovables of the Treasury on which the structure registration certificate is obtained, and the immovables in the 2/B areas and the agricultural lands belonging to the Treasury will be extended until December 31, 2022.