In the General Assembly, the Article 17 of the "Draft Omnibus Bill" on Law on Making Amendments on Certain Laws has been approved on the date 21.03.2018.

In addition The Omnibus Bill Law on the retrospective benefits from the incentives and relevant supports have been approved and announced on the 30373 numbered Official Gazette dated 27.03. The relevant law will be applicable following the month of acceptance, in other words will be applicable as of May 1, 2018 and will be valid until the end of May 2018.

Within the one-month period as of the announcement date on the Gazette, the workplaces that do not apply for the relevant incentive benefits, will lose the right to obtain the retrospective incentives. There is a foreseen excessive workload on the SSI systems and this might lead to issues with submitting declarations along with heavy trafficing on the systems. Therefore, it is crucial for the workplaces to identify the retrospective incentives that can be benefited, at the soonest.

The Law numbered 7099 on Amendments to Certain Laws with the Intention to Improve the Investment Environment entered into force upon its publication in the 30356 numbered Official Gazette dated 10 March 2018. The Law numbered 7099 is intended to improve processes in the amended areas along with the reduction of expenses which are paid in this respect.

A new regulation has been implemented for the work permit applications that are conducted through the Ministry of Labor. This regulation is applied for both initial applications and the renewal applications of the currently issued valid work permits.

Each year, the rent income earned by real persons are declared to the respective tax office with the Annual Income Declaration until 25th of March. The types of income that are within the scope of GMSI except for the rent incomes, are stated in the Income Tax Law Number 70.

In order to declare the rent income, the lump sum expense method and real expense method are implemented. Up until this year 25% ratio was considered for implementation of lump expense method. But this 25% ratio has been reduced to 15% ratio as of the start from 2017 revenues. In the below table only information is provided for rent income from residental and commercial places. For further detailed information please contact your customer representative or an expert.