05January2023

2023 1st Period - Severance Ceiling Amount

This circular has been abolished and the amount has been updated. You can reach the updated amount via the link

According to the Circular dated January 5, 2023 and numbered 27998389-010.06.02-1818123 published by the Ministry of Treasury and Finance with the subject ‘Financial and Social Rights', the coefficients used to calculate the wage of a public officers have been revised effective January 1, 2023.

Income Tax Exempted Severance Pay

The following value has been calculated taking these coefficients into account and shall be applied for the period between the dates of January 1, 2023 and June 30, 2023, maximum severance pay to be exempted from income tax is determined as 17,904.62 TRY.

To access the full circular in which these announcements were made, please click here. (Please also be advised that the contents of this circular are in Turkish language.)

Should you have any queries or need further details, please contact your customer representative.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Taxation Law

Notification!

The content in this article is for general information purposes only and belongs to CottGroup^® member companies. This content does not constitute legal, financial, or technical advice and cannot be quoted without proper attribution.

CottGroup^® member companies do not guarantee that the information in the article is accurate, up-to-date, or complete and are not liable for any damages that may arise from errors, omissions, or misunderstandings that the information may contain.

The information presented here is intended to provide a general overview. Each specific case may require different assessments, and this information may not be applicable to every situation. Therefore, before taking any action based on the information provided in the article, it is strongly recommended that you consult a competent professional in the relevant fields such as legal, financial, technical, and other areas of expertise. If you are a CottGroup^® client, do not forget to contact your client representative regarding your specific situation. If you are not our client, please seek advice from an appropriate expert.

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