Valuable Turkish Housing Tax Communique Published, Tax Values Increased
NEW VALUABLE TURKEY HOUSING TAX COMMUNIQUE PUBLISHED IN THE OFFICIAL TURKISH GAZETTE AND TAX VALUES INCREASED
- The communique for the valuable Turkish housing tax for property in Turkey, whose application was deferred for 1 year in 2020, was published today in the Official Gazette. 5 million 250 thousand TL more than the value of the tax to be applied to those who have a single Turkish residence are exempt. Declarations will be made by February 20.
- The principles for implementing a valuable Turkish housing tax were determined. Last year's regulation that those who have the only Turkish real estate qualified as a residence within the borders of Turkey will be exempt from tax was also included in this communique.
- Tax values were increased to half the valuation rate as stipulated in the law, and the value of the lowest TL 5 million was increased to TL 5 million 250 thousand. Other tranches also saw increases of 5 percent.
- According to the communiqué published in the Official Gazette, the value Turkish housing tax exemption will be applied for the lowest value housing qualified single Turkish property (including the right to usufruct), which is subject to the valuable Turkey housing tax of those who have more than one Turkish residential property. The exemption will also apply to the portion of their shares if these people own a single resident share.
TAXES FROM 3 PER THOUSAND TO 10 PER THOUSAND
Value of residential Turkish mansions property subject to valuable Turkish housing tax;
- Those between 5 million 250 thousand TL and 7 million 875 thousand TL; 3 per thousand for the part exceeding 5 million 250 thousand TL
- Those up to 10 million 500 thousand TL; 7 million 875 thousand TL for 7,875 TL, 6 per thousand for more
- 10 million 500 thousand TL more than those; 10 million 500 thousand TL for 23.625 TL, 10 thousand for more will be taxed at the rate.
BORDERS TO RISE AT REVALUATION RATE
- According to the general communiqué on the application of valuable Turkey housing tax published in today's issue of the Official Gazette of the Ministry of Treasury and finance, the total value of Turkey real estate as the basis will be based on the qualified Turkey property of the residence, both in the case of shared property in Turkey and in the case of ownership in the case of joint Turkey property. The lower and upper limits of Turkey residential real estate values based on tax rates will be increased by half of the revaluation rate each year.
- Taxpayers will submit their returns to the Tax Office of the place where the Turkey real estate is located by 20 February of the relevant year, adding a document showing the tax value of the Turkey building received from the municipality where the residential qualified Turkish real estate is located. Taxpayers who have a taxpayer in terms of income or corporate tax will submit their valuable Turkey housing tax returns to these tax offices to which they are connected.
- Turkey residential qualified Turkish real estate owned by foreigner states and used as embassies and consulates, as well as residential qualified Turkey real estate owned by ambassadors, international organizations located in Turkey, representative offices of international organizations in Turkey, residential qualified real estate in Turkey owned by general and private budget administrations, municipalities, universities and the Public Turkey Housing Administration will be exempt from valuable Turkey housing tax.