Am I liable for income tax in Turkey?
Turkish Income Tax (ITL) is payable if you let your property in Turkey. For non residents in Turkey,
a withholding tax will apply, that varies between 10 and 25%. For investors whose
home country has a double taxation treaty with Turkey, this witholding tax will
not apply.
Is there a double taxation agreement with Ireland / UK?
At present there is no double taxation agreement between Turkey and Ireland; however this
has been agreed between Turkey and the UK.
What is the deadline date for Turkish tax returns?
The deadline date for Turkish tax returns is the 31st March each year.
What is the income tax rate in Turkey?
The income tax rate in Turkey is currently based on net income, and varies between 15 and 35%.
Is mortgage interest relief available in Turkey?
Previously, to encourage potential buyers, the Turkish government allowed people to claim tax relief on their mortgage or property. Now, however, due to a rise in interest rates, this has been withdrawn.
What is the current rate of Turkish Capital Gains Tax?
Non residents in Turkey are taxed between 15 – 35% CGT, and must be paid within 15 days of the sale.
What are the penalties for late filing of my Turkish tax returns?
Interest is applied for each delayed month the tax returns should have been filed.
What is the tax year in Turkey?
The tax year in Turkey runs in line with the calendar year – 1st January – 31stDecember. Advance payments of at least 15% of profit must be made each quarter.
Do I need to apply for a Tax I.D number in Turkey?
In Turkey, all non residents must hold a tax i.d number, it is needed to carry out any transactions made in the bank such as open a bank account, obtain a mortgage, and pay your taxes. You will
need a notarised copy of your passport when filing for your Turkish Tax I.D.number.
What local taxes will I pay as a non-resident in Turkey?
An environmental tax will be applicable, for contribution towards bin charges, and water charges, and is generally paid by the occupier of the property, if there is no tenant, the environmental tax is to be paid by owner of property, and the envoi mental tax is levied based on the municipality of the property.
Will I pay Property tax on my Turkish property?
Property tax rates in Turkey are as follows:
Residences – 0.1%
Other buildings: 0.2%
Land- 0.1%
Vacant Land (Allocated for construction) – 0.3%
This is payable each year, and for properties located n a metropolitan municipality, these rates are applied twice yearly.
