Tax Procedure Law General Communiqué No. 574, published in the Official Gazette of 27 November 2024, set the revaluation rate for 2024 at 43.93%.
Tax Procedure Law General Communiqué No. 574, published in the Official Gazette of 27 November 2024, set the revaluation rate for 2024 at 43.93% (forty-three point ninety-three).
Some of the matters affected by the revaluation rate are set out below:
- Income tax brackets,
- The meal allowance exemption,
- The travel allowance exemption,
- The rental income exemption,
- Values of official documents,
- Motor vehicles tax amounts,
- Environmental cleaning tax amounts,
- The departure fee,
- The amount deductible in respect of leased passenger cars,
- The amount of the total VAT and SCT on the acquisition of passenger cars that may be treated as an expense,
- Various thresholds and amounts set out in the Tax Procedure Law, such as the obligation to issue an invoice and irregularity and special irregularity penalties,
- Fixed stamp duties and the upper limit on stamp duty,
- Fee amounts (passports, title deed transactions, the mobile phone use permit fee for handsets brought in by passengers, and similar),
- The minimum refund amounts applicable to annual VAT refunds,
- The increase, at the revaluation rate determined for the relevant years, of the remaining investment contribution amount (excluding the portion already used by applying reduced corporate income tax) in the years following the accounting period in which the investment is completed, under investment incentive certificates issued pursuant to Article 32/A of the Corporate Income Tax Law and subject to completion of the investment,
- The increase, at the revaluation rate in subsequent years, of investment allowance that could not be used in the relevant year because of insufficient income, for investments commenced under repealed additional Articles 1-6 of the Income Tax Law within the scope of investment incentive certificates issued on applications made before 24 April 2003.