Amounts and Limits of Taxes and Fees Laws for 2024 Updated

The amounts and thresholds for 2024 in the Tax and Duties Laws were updated and published in the Official Gazette numbered 32415, dated December 30, 2023.

The updates made along with the year 2024 are as follows;

• 2024 Environmental Cleaning Tax amounts were updated.
• 2024 Motor Vehicle Tax amounts were updated.
• 2024 Property Tax and Valuable House Tax amounts were updated.
• 2024 Stamp Duty amounts were updated.
• The schedule and exemption amounts for Inheritance and Transfer Tax to be applied in 2024 were updated.
• In 2024, the value of vehicles that can be acquired by the disabled without paying Special Consumption Tax (ÖTV) was increased.

Effective from January 1, 2024, the threshold for the exemption of Special Consumption Tax (ÖTV) on the initial acquisition of vehicles such as passenger cars, panel vans, pick-ups, off-road vehicles, ATVs, jeeps, station wagons, etc., has been raised. For individuals with a disability rate of 90% and above, and for those with a disability rate below 90%, the total value of the vehicle, including all taxes, must not exceed 1,591,200 TRY, up from the previous limit of 1,004,200 TRY.

• From January 1, 2024, the Recovery Contribution Shares have been increased.
• Minimum capital requirements for Joint Stock Companies (Anonim Şirket) and Limited Liability Companies (Limited Şirket) have also been raised.
1. For Joint Stock Companies, the minimum capital has been increased from 50,000.00 TRY to 250,000.00 TRY,
2. Limited Liability Companies, it has been raised from 10,000.00 TRY to 50,000.00 TRY.
• The fees for valuable documents such as passports and driving licenses, as well as stamp duty amounts for the year 2024, have been updated.
• The obligation to replace Old Generation Cash Registers with New Generation Cash Registers (YN ÖKC) has been mandated by July 1, 2024.

This applies to first and second-class traders (those involved in retail delivery or service provision) who are not required to issue invoices for goods sold or services rendered under the Tax Procedure Law, regardless of whether the fiscal memory of their old generation cash registers is full or not.

• The fixed amounts stipulated in the Income Tax Law have been increased for 2024. This includes:
1. The sales revenue from internet and similar electronic environments is set at 1,100,000 TRY,
2. The exemption amount for residential rental income is 33,000 TRY,
3. The daily meal exemption amount for days worked without meals provided at the workplace or its dependencies is 170 TRY,
4. The exemption amount for benefits provided by employers for commuting to and from the workplace is 88 TRY,
5. The disability deduction amounts in the Income Tax Law are set at 6,900 TRY for first-degree disabilities, 4,000 TRY for second-degree, and 1,700 TRY for third-degree,
6. The monthly rental amount for passenger cars acquired through leasing, not to exceed 26,000 TRY, with a total deductible amount for special consumption tax and value-added tax not exceeding 690,000 TRY,
7. The deductible amount for passenger cars, excluding special consumption tax and value-added tax, is 790,000 TRY, and if taxes are included in the cost price or the car is acquired second-hand, the amount is 1,500,000 TRY,
8. The exemption amount for capital gains is 87,000 TRY,
9. The exemption amount for incidental earnings is 200,000 TRY,
10. The general conditions for the application of the simple procedure are respectively: 55,000 TRY and 34,000 TRY,
11. The special conditions for the application of the simple procedure are respectively: 690,000 TRY, 1,100,000 TRY, 340,000 TRY, and 690,000 TRY,
12. The maximum discount amount that compliant taxpayers can benefit from for annual income and corporate tax returns due from January 1, 2024, is 6,900,000 TRY.

These updates under the law will be applicable from January 1, 2024.

You can access the relevant Official Gazettes below.

General Communiqué on Municipal Revenues Law (In Turkish)

General Communiqué on Motor Vehicle Tax (In Turkish)

General Communiqué on Real Estate Tax Law (In Turkish)

General Communiqué on Stamp Duty Law (In Turkish)

General Communiqué on Inheritance and Gift Tax Law (In Turkish)

Special Communication Tax General Communiqué (In Turkish)

Presidential Decree No. 7887 on the Minimum Capital Amounts Determined for Joint Stock and Limited Liability Companies (In Turkish)

94 Serial No. General Communiqué on the Law on Fees (In Turkish)

95 Serial No. General Communiqué on the Law on Fees (In Turkish)

General Communiqué on Tax Procedure Law (In Turkish)

Income Tax General Communiqué (In Turkish)

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