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07 June 2018

Turkish law introducing 5% tax on revaluated real estate enters into force

Turkey's Law No. 7144 Regarding Amendment of Certain Laws (the Law), which was approved by General Assembly of Parliament on May 18, was published in the Official Gazette and entered into force as of May 25. The Law introduces a provisionary Article to be included in the Tax Procedural Code regarding the revaluation of real estate. Turkish resident corporate and individual taxpayers who keep books on a balance sheet basis may revaluate their real estate under certain conditions until September 30.

A Global Alert, attached below, provides additional details.

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Document ID: 2018-1179

 

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