Even before the corona pandemic began more than a year ago, the Turkish economy was fragile. The Turkish government has therefore taken steps to cushion the consequences of the pandemic.
Short-Time Work Benefit Extended by 3 Months
As the pandemic continues, it was decided to extend the short-time work allowance for 3 more months (to the end of June 2021). The allowance is calculated as 60 percent of average daily gross earnings and cannot exceed 150 percent of the gross amount of the monthly minimum wage.
Corporate Tax Rate Increased
Following an amendment in 2017, corporate tax was in Turkey increased from 20 percent to 22 percent for 2018-2020. The 20 percent rate was reintroduced for 2021. A new amendment will now see the current 20 percent rate increased to 25 percent in 2021, and 23 percent in 2022.
Regulations on Remote Working
It is inevitable that our working habits will change after the pandemic. For example, Istanbul based Koc Holding announced that they are working on a permanent home working model for their 35 thousand employees. The Ministry of Labour and Social Security has now introduced regulations on employee and employer relations. Accordingly, an employer who decides that employees should work remotely is obliged to provide technical and financial support to those employees, explain the Ecovis experts.
Regulation of Cryptocurrencies
Many countries have not yet regulated cryptocurrencies, whose transaction volume now exceeds 2 trillion dollars. In Turkey, the use of cryptocurrencies as a means of payment is banned as of 30 April 2021. The ban applies only to payment methods using cryptocurrencies and not the cryptocurrencies’ assets.
For further information please contact:
Uğur Kaan Bora, Assistant Auditor, ECOVIS DIPLOMAT DENETIM VE YMM A.S, Izmir, Turkey
Email:kbora@diplomatymm.com.tr
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has almost 8,500 people operating in nearly 80 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments – from preparation in the client’s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
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ECOVIS AG Steuerberatungsgesellschaft*
Telefon: +49 (89) 5898-266
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