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17Şubat2016

Income Tax Exemption for Young Entrepreneurs

Income tax exemption has been introduced for the young entrepreneurs by the "Law on Amendment of Income Tax Law and Certain Other Laws" published in the official Gazette dated 10.02.2016.

 

In summary; the portion of up to TL 75,000 of the income to be generated throughout three taxation periods by the real persons fulfilling the following requirements, whose Income Taxpayer status has been established for the first time and who have not completed age 29 as of the commencement date, shall be exempted from income tax:

  • The commencement date of employment should be notified within the legally prescribed term
  • They should be actively engaged in their own business
  • In case engaged in the activities within an ordinary partnership or a private company, all the partners should fulfill the related requirements as of commencement date of employment
  • No subsequent partnership in an existing business or activity

Please click here to view the law which includes the relevant regulation. Please contact your customer representative or an expert for further information.

 

Yazar CottGroup Hukuk ve Mevzuat Ekibi, Kategori Taxation Law

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    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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