On 8 March 2017, Turkey published Law No. 6824 in the Official Gazette, which provides for various amendments to both the Income Tax and Value Added Tax (VAT) Laws. One of the main amendments is the introduction of a new tax credit for compliant taxpayers equal to 5% of their calculated tax liability for the year. The maximum credit amount is TRY 1 million. Conditions include:
The tax credit is available for individual and corporate taxpayers for returns submitted after 1 January 2018, with the exception of companies in the finance, banking, insurance, reinsurance, and retirement/pension investment sectors.