18Temmuz2016

2016 2nd Period - Maximum Severance Payment Amount Has Been Declared

A ) Income Tax Exempted Severance Pay

According to the circular numbered 27998389-010-06-02-6152 released by the General Directorate of Budget and Fiscal Control on 07.01.2016 with the subject ‘Financial and Social Rights’, the coefficients used to calculate the wage of a civil servant have been revised effective 01.07.2016.

The following values have been calculated taking these coefficients into account, and shall be applied for the period between the dates of 01.07.2016 – 31.12.2016;

Maximum severance pay to be exempted from income tax is 4.297,21.- TL,

B ) Income Tax Exempted Child Support

According to the circular numbered 27998389-010-06-02-6152 released by the General Directorate of Budget and Fiscal Control on 04.07.2016 with the subject ‘Financial and Social Rights’, the coefficients used to calculate the wage of a civil servant have been revised effective 01.07.2016.

The following values have been calculated taking these coefficients into account, and shall be applied for the period between the dates of 01.07.2016– 31.12.2016;

Monthly child support to be exempted from income tax is;
- For children 0-6 years of age – 46,63.- TL,
- For children over 6 years of age – 23,31.- TL.

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

Yazar CottGroup Hukuk ve Mevzuat Ekibi, Kategori Taxation Law, Labor Law

Notification!

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For each concrete situation, it is strongly advised to seek guidance from a professional advisor. If you are a customer of ours, please consult with your customer representative before taking any action related to the announcement. If you are not a customer, seek advice from an expert.