IKMIB's Tax Reduction Proposal Signed Into Law - Chemicals
Good news for taxpayers who pay their taxes on time: a 5 percent discount…
The proposal for "a discount for those who pay their taxes on time," which Murat Akyüz, Chairman of İKMİB, brought to the agenda three years ago to advance the Turkish chemical sector, was published in the Official Gazette in recent days and became law.
As is the case for all sectors, heavy tax burdens rank among the most significant issues for the chemical sector. An important step has been taken in tax reduction, which holds an important place on the agenda of İKMİB, which works to increase Turkey's chemical sector exports and develop solutions to the sector's problems.
With the new law, income tax and corporate tax taxpayers who make regular payments will receive a 5 percent discount as of 2018. However, the law does not cover the finance, insurance and banking sectors. The taxpayer must have filed regular tax returns and paid their taxes on time in the year for which the discount will be applied and in the two years preceding it. According to the law, the discount amount cannot exceed TRY 1,000,000 and may be credited against other taxes.
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