ARTICLE · 09 SEPTEMBER 2019

Recent Amendments In Relation To Tax Legislation

Erdem & Erdem Law

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Banks and intermediary institutions will levy tax at the rate of 1% on these assets.

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Introduction

Important amendments have been made in relation to the tax legislation through the publication of omnibus bills during July 2019. Within the scope of the above-referred amendments, this Newsletter Article evaluates "Tourism Share" and "Tax Amnesty" regulations.

Tourism Share Payment Liability

Tourism Publicity and Development Agency ("Agency") is established through the Law No. 7138 on the Tourism Publicity and Development Agency ("Law No. 7138"), published in Official Gazette dated 15 July 2019 and no. 30832. The Agency's main source of income will be the "tourism share". As per Article 6 of the Law no. 7138, tourism share amount/ratio to be applied to certain entities is determined as follows:

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