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ARTICLE · 28 JANUARY 2016

Omnibus Law Amends A Range Of Turkish Legislation

Moroglu Arseven
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The Law Numbered 6655 was published in Official Gazette number 29580 on 1 January 2016 ("Omnibus Law"), entering into effect the same day.

TurkeyTax
E. Benan Arseven
E. Benan Arseven
Burak Baydar
Burak Baydar
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An omnibus law has been published in Turkey, amending certain aspects of laws relating to expenditure tax, income tax, value added tax, personal pension savings, sentencing and security measures, social security and health insurance, as well as corporate tax. The Law Numbered 6655 was published in Official Gazette number 29580 on 1 January 2016 ("Omnibus Law"), entering into effect the same day.

Significant amendments under the Omnibus Law include:

  • Bank and insurance operations tax will not apply for money obtained within the scope of credits for financing machinery and equipment which are purchased specifically for use in manufacturing process by industrial business which hold an industrial registry certificate under Industrial Registry Law Number 6948 (amendment to Article 29(1) of the Expenditure Tax Law).

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