The amount of income tax exemption provided to young entrepreneurs under certain conditions has been increased to 230,000 Turkish liras. The Regulation Amending the Income Tax General Communiqué prepared by the Revenue Administration Directorate of the Ministry of Treasury and Finance was published in the Official Gazette and entered into force. Accordingly, the amount of 75,000 liras of the income of full taxpayers who have been first subjected to income tax liability due to their commercial, agricultural, or professional activities and who have not reached the age of 29 as of the starting date of the liability has been exempt from income tax for three tax periods starting from the year in which they started their activities. With the amendment made by Law No. 7440, the exemption amount will be applied starting from the 2023 calendar year and will be determined as the amount in the second income bracket of the income tax tariff, and this amount has been set at 230,000 liras for the 2024 calendar year. The regulation allows the amount of income exemption provided to young entrepreneurs under certain conditions to be annually increased in line with the revaluation rate and tied to the second bracket of the specified tariff, thus enabling taxpayers to benefit from the exemption according to the current conditions. The Communiqué also revised the existing exemption amount in accordance with the new amount. Another change made was the regulation allowing young entrepreneurs subject to the simplified taxation method and transitioning to actual taxation as part of this regulation to benefit from the young entrepreneur income exemption for the remaining period.
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