Law No. 7511 on the Amendment of the Turkish Commercial Code and Certain Other Laws ("Law No. 7511") was published in the Official Gazette No. 32560 on May 23, 2024.

While this Law No. 7511 primarily aims to amend the Turkish Commercial Code numbered 6102 ("Turkish Commercial Code"), it also includes changes to various other laws such as the Law on the Protection of Competition, the Law on the Protection of Consumers, the Law on the Union of Chambers and Commodity Exchanges of Turkey, the Law on Cooperatives, and the Law on the Regulation of Retail Trade.

Property Tax

Property tax is a kind of tax that needs to be paid by owners of real estate such as land, estates, workplace, houses etc. For the properties owned by deed; The person, in whose name the deed has been issued, is the owner of the property and thus liable to pay for real estate tax.

This tax is paid as two equal installments each year. The first payment is made in March, April, or May and the second payment is within November.

The deferment interest rate under Article 48 of Law No. 6183 on the Collection Procedure of Public Receivables has been changed as published in the Official Gazette dated May 21, 2024 and numbered 32552.

The deferment interest rate, which has been applied at 36% annually, has been set at 48% annually by the General Communiqué on Collection (Series: C Order No: 8) published by the Ministry of Treasury and Finance (Revenue Administration) in the Official Gazette dated May 21, 2024 and numbered 32552.

The Communiqué on Amendments to the Value Added Tax General Application Communiqué (Serial No: 51) was published in the Official Gazette No. 32529 dated April 27, 2024.

Since the businesses within this scope are, in principle, service businesses, it is explained as a general rule in the communiqué that 10% VAT (20% for alcoholic beverages) will be calculated on the sale of foodstuffs manufactured or procured from outside.