It has been announced on the Official Newspaper dated October 29, 2016 that new regulation has been made to the National and Public Holiday Law numbered 2429. Per the amendment made in the Article C of the Law, July 15th has been declared as a National Holiday.

From now on, 15th of July will be acknowledged as “Democracy and National Unity Day”.

The full Turkish text of National and Public Holiday Law numbered 2429 can be found at here.

The full Turkish text of the Income Tax Announcement on the official newspaper can be found here.

It has been announced in the Official Gazzette numbered 29871 dated 28.10.2016 that Temporary Article 86 has been added to Income Tax Law numbered 193 in order to close the gap for employees registered to social security who have experienced a decrease in net income below the level of 1300.99 TRY as of the month of October 2016 due to increaseing income taxes.

Additionally, the aforementioned Official Gazzette includes details related to the Income Tax Announcement with the serial number 294 and the applications which have come into effect as of 01.10.2016.

A new law numbered 6740 with the title: “Law on Changes to be made on the Individual Pension Savings and Investment System Law”, has been announced in the Official Gazette dated August 25, 2016.

With the release of the aforementioned law, the law numbered 4623 entitled “Law on The Individual Pension Savings and Investment System Law” has had an additional article added to it.

The Law regarding ‘’The Restructuring of Certain Receivables’’ – also known as Tax Amnesty, which also includes the restructuring of public receivables in many various tax types, has come into effect with the publishing of Official Gazette dated 19th of August 2016. In this framework, we will review the details of this law along with the notification published by Ministry of Finance on 23rd of August 2016.