Companies will pay 100 billion in taxes for earthquakes
Mehmet Arabacı addressed the Planning and Budget Committee of the Grand National Assembly of Turkey during the deliberations of the bill providing for the establishment of the Disaster Reconstruction Fund.
“NUMBER OF COMPANIES TO PAY TAXES IS APPROXIMATELY 22 THOUSAND”
Expressing that an additional tax was introduced only for companies with the regulation, Arabacı said that companies will have paid tax on discounts and exceptions made in the tax returns they will file for their 2022 income, and that the number of companies that will pay tax in this context will be around 22 thousand.
Arabacı stated that the number of companies subject to corporate tax is around 1 million, and 22 companies that will be subject to additional tax are mostly large-scale companies.
REGISTERED COMPANIES WITH 11 DO NOT PAY
According to the article added to the debt restructuring bill discussed in the General Assembly of the Turkish Grand National Assembly, the additional tax to be applied by eliminating discounts and exceptions on the taxes payable by Corporations was expressed as 10 percent. Companies registered in 11 earthquake-damaged provinces will not pay the additional tax.
Additional tax exemption areas; exemption from participation profits, exemption from profits from portfolio management of mutual funds and companies, exemption from share premium, exemption from income from sales of participations and real estate, income obtained from abroad and that meet certain conditions, exemption from area income free trade and technological development zone.
NO ADDITIONAL TAX WILL BE CHARGED
Apart from these, additional taxes will be calculated on discounts such as investment discount, R&D discount, capital cash discount. In addition, no additional tax will be charged on the base subject to the reduced corporation tax.
The additional tax will be charged only to companies, Income Taxpayers will not pay any additional tax. Therefore, the earthquake tax will not be collected from those who earn income such as wages, rent, and real estate.