New Regulations Increasing The Tax Burden!

New Developments

The significant public financing need caused by the earthquakes centered in Kahramanmaras and Hatay on 6 February 2023 continues to lead to various tax-related regulations. The first of such regulations was a one-time additional tax imposed on certain corporate taxpayers with Law No. 7440 on the Restructuring of Certain Receivables and Amendments to Certain Laws published in the Official Gazette dated 12 March 2023.

Subsequently, on 5 July 2023, "Draft Law on Additional Motor Vehicles Tax and Amendments to Certain Laws and Decree Law No. 375 for the Compensation of Economic Losses Caused by the Earthquakes Occurred on 6/2/2023" ("Draft Law"), which includes certain regulations and amendments aiming to meet the financing needs caused by the earthquake, was submitted to the Planning and Budget Committee of the Turkish Grand National Assembly. The regulations and amendments to be made by the Draft Law cover various matters, including the increase