With the Law No. 7263 published in the Official Gazette No. 31384 on February 3^rd, 2021; new regulations regarding Technology Development Zones and R&D activities have been announced.

The new regulations can be summarized as below:

Regulations regarding Technology Development Zones Law (No. 4691);

Annual income tax returns for 2020 income will be submitted to the relevant tax offices in March 2021.

All incomes subject to annual income tax return should be declared for the following income elements listed in Article 2 of the Income Tax Law. You can find the details for the annual income tax return obligation for wages below:

Components of Income;

1. Commercial earnings,
2. Agricultural earnings,
3. Wages,
4. Self-employment earnings,
5. Revenue from real estate, immovable assets
6. Revenue from securities, movable assets
7. Other earnings and revenue.

With the President's decision published in the Official Gazette dated January 13, 2021 and numbered 31363, the amount of cash wage support provided to employees has been increased.

Per the decision, the daily amount of cash wage support has been increased to 47.70 TL.

The whole month (30 days) cash wage support amount has been increased to net (after stamp tax) 1,420.14 TL.

You can click the link for the details about the periods of cash wage support and termination ban.

You can click the link for the details of the sanctions on violating the termination ban.

You can click the link for the related President decision. (The link is in Turkish)

Cash wage support and termination ban due to Covid-19 reasons have been extended to March 17, 2021. For further details, you can review our announcement via that link.

In case of a violation of the termination ban, the following sanctions and risks would be encountered:

1. Administrative fine
2. Cancellation of short-term employment allowance and refund of allowances with interest from employers
3. Other possible termination risks

You can find below the details: