Tax exemption period at KKM is lengthened

The 80-article bill, which provides for changes to some laws and decrees, was presented to the Turkish Grand National Assembly.

The most notable aspects of the proposal are the following:

* The discount on flat-rate expenses applied as 5 per thousand of export income will be eliminated.

* The corporate tax exemption provided for income from currency-protected deposit accounts (KKM) will be extended until June 30, 2024.

* The banking and insurance transaction tax (BSMB) exemption on home loans is abolished, except for the loan for the first home purchase.

* Inflation accounting will not be applied in banks and financial institutions in 2024 and 2025.

* The President will be authorized to partially or totally eliminate or restore the right to refund on VAT refunds.

*Additional price differences and time extensions for construction works are being regulated.

* The President is authorized to impose different taxes on long-term construction works depending on the type of work.

* The article regarding the invalidity of the presentation of checks to the bank before the date is extended until the end of 2025.

* The upper limit of the bonus distribution rate for all games of chance will increase from 83 percent to 93 percent.

* Contracts concluded between motor vehicle dealers will be prepared before a notary.