New Valuable Property Tax Regulation went into effect on 7th of December.
If the value of the property determined by the Land Registry Office is lower than TRY 5000000 (fivemillionTurkishliras); these property owners are out of the scope of “Valuable Property Tax”. In other words, according to the new regulation, landlords whose property is valued between 5-7.5 million liras will pay a 0.3 percent tax. The amount of tax imposed on properties which have a market value between 7.5-10 million liras is stipulated as 0.6 percent in the regulation. Lastly, the tax rate on properties that worth over 10 million liras are 1 percent, according to the law.
The tax shall be assessed and accrued by the competent tax office annually. The tax needs to be paid in two equal instalments.
If you have a property in Turkey, please call our Turkish lawyers based in our Head office (London) to get further information. Our Turkish solicitors are all based in the United Kingdom and would be happy to help.