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Turkey Defers New Valuable Housing (Residence) Tax to 2021 — Orbitax Tax News & Alerts

Turkey's Revenue Administration has announced the publication of Law No. 7221 in the Official Gazette on 20 February 2020, which includes amendments to the progressive valuable housing (residence) tax introduced by Law No. 7194/2019 ({News-2019-12-13/A/4-previous coverage}). The main change is that the obligation to pay the tax will not start until the beginning of 2021. Other changes are made with respect to how the tax basis is determined, and for individuals, an exemption is provided if only one residence is owned and the lowest value residence is excluded if multiple residences are owned.