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 on salary payments made to service professionals performing construction, repair, installation works, and technical services abroad, when paid out of the employer's foreign earnings from 1 December 2022;
• An extension of the individual participation investor discount (deduction) until 31 December 2027 and an increase in the maximum discount amount to TRY 2.5 million (from TRY 1 million) from 1 January 2023; and
• An income tax exemption and employee social security exemption on employer payments of up to TRY 1,000 per month, in addition to current salary/wages, for electricity, natural gas, and other heating expenses.

In addition to the personal income tax measures, Law No. 7420 also includes certain corporate income tax measures. This includes that the corporate income tax exemption for earnings accrued from Turkish lira (TRY) deposit and participation accounts converted from foreign currency is extended until the end of 2023.