Each year, the rent income that individuals earn is declared through the Annual Income Declaration within March. The declarations for 2020 income should be submitted until March 31, 2021. The types of income that are within the scope of GMSI except for the rental income, are stated in the Income Tax Law Number 70.

In order to declare the rental income, the lump sum expense method and real expense methods are implemented. After deducting the amount of exception from the rental income, 15% of the remaining amount can be deducted against actual expenses. Lump sum expense method is not applicable for lease of rights. Information is only provided for rental income from residental and commercial places in the table below. For further detailed information, please contact your customer representative or an expert.

With the Presidential Decree dated February 24, 2021 and numbered 3579; per the second paragraph of Article 81 of the Law No. 5510, the additional 6-points incentive to be applied over the social security lower base is extended until 31.12.2021.

Per the Article 81/i of the Law No. 5510, the below conditions are required to benefit from this incentive:

Amendments have been made regarding the rate of partial stoppage applications and its scope with the Communiqué (Row No: 35) on Amending the Communiqué of Value Added Tax General Application, which was published in the Official Gazette No. 31397 on 16 February 2021.

Related amendments are as follows;

Short-term employment allowance has been extended to 31 March 2021 with the Presidential Decree No: 3556 on 19 Feb 2021.

You can reach the related decision via the link (in Turkish).

Should you have any queries or need further details, please contact us.