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Turkey to Increase Corporate Tax Rate for Financial Sector Companies — Orbitax Tax News & Alerts

The Turkish government reportedly submitted a draft bill in the Turkish parliament on 25 March 2022 that would provide for an increase in the corporate tax rate to 25% on financial sector companies, including banks, financial leasing companies, asset management firms, and insurance companies. Turkey's standard corporate tax rate is 20% but was temporarily increased to 25% in 2021 and 23% in 2022. Subject to approval, the 25% tax rate for financial sector companies would apply from 2022.