Turkey's Revenue Administration has announced the publication of Law No. 7338 in the Official Gazette on 26 October 2021, which includes measures for the recently proposed tax reform package. Some of the main measures include:
Note, changes in the corporate income tax return deadline were originally proposed but were removed in the final law as published. In addition, it was originally proposed to change the standard deadline to 25 February for individual income tax, which was the deadline for individual small business income. This February deadline is removed, as are the payment deadlines in February and June for returns due in February.
The measures of Law No. 7338 generally apply from 1 January 2022, although certain other effective dates are provided, including that increase in the notional interest deduction rate for capital increases applies for capital increases made from 26 October 2021.