With the amendment made on January 25, 2024, temporary Article 101 was added to the Social Insurance and General Health Insurance Law No. 5510 (In Turkish), and the application of minimum wage support was continued.

The mentioned article provides that employers who employ insured persons subject to long-term insurance branches under clause 4/1-a can benefit from minimum wage support, and general regulations regarding the conditions for benefiting from the support, and in which cases the support will not be provided have been introduced. In summary;

Communiqué (Communiqué No: 2024-32/69) Amending the Communiqué on Decree No: 32 on the Protection of the Value of Turkish Currency (Communiqué No: 2008-32/34) was published in the Official Gazette numbered 32474 on February 28, 2024.

The purpose of the Communiqué is to introduce certain exceptions to the principles of application of the prohibition of payment in foreign currency.

The relevant communiqué regulates that while some obligations are obliged to be paid in Turkish Lira, these payments can now be made in foreign currency.

The amendment to the 50th Series General Communiqué on Value Added Tax (VAT) was published in the Official Gazette dated February 10, 2024.

With the amendment:

Each year, the rental income earned by real persons are declared to the respective tax office with the Annual Income Declaration until the end of March (for 2023 income, 31st of March, 2024). The types of income that are within the scope of moveable assets except the rental income, are stated in the Income Tax Law Number 70. In order to declare the rent income, the lump sum expense method and actual expense method are implemented. As of 2022 tax year, for the rental income, the ratio of 15% would be used for lump sum expense calculations. In the below table, the related details are provided for rental income from residential and commercial places. For further detailed information please contact your customer representative or an expert.