On 20 February 2020, Turkish Law No. 7221 which contains amendments to the Luxury Housing Tax was published in the Official Gazette and entered into force. In accordance with the Law, the following changes are made with respect to the Luxury Housing Tax:

• The Luxury Housing Tax will be levied as of the beginning of the year 2021. Consequently, tax returns to be submitted as of 20 February 2020 (20&n…