International Tax Newsletter - Spring/Summer 2012 - Turkey
NEW TURKISH COMMERCIAL CODE (TCC)
The new TCC will take effect from 1 July 2012. Traditionally, commercial accounts were heavily affected by tax regulations but from 1 January 2013, they will be maintained according to Turkish Accounting Standards in compliance with International Accounting Standards and financial statements will be prepared in conformity with Turkish Financial Reporting Standards in line with International Financial Reporting Standards (IFRS).
Also, single IFRS reporting will be acceptable for international consolidated financial reports and local needs of foreign companies operating in Turkey.
INCENTIVES IN TURKEY
From 28 February 2009, a reduction of up to 80% in the corporate income tax rate continues to be available for earnings derived from specific production activities in specified areas depending on the investment contribution rate.
Investment projects started in 2012 also get support for employer insurance premiums for between three and five years.
More information on these developments can be provided by Selman Uysal, PKF Izmir, through the EisnerAmper contacts listed at the end of this Newsletter.
International Tax Newsletter - Spring/Summer 2012 Issue