Determination of Applicable Amounts for the Income Tax Law in 2024

Determination of Applicable Amounts for the Income Tax Law in 2024

Public Announcement No. 324 was published on 30.12.2023 in the Official Gazette with the serial number 32415. Based on this, the limits and amounts to be applied in 2024 under the Income Tax Law have been determined as follows:

1. The exemption amount applied to residential rental income referred to in Article 21 of the Income Tax Law for 2024 is set at 33,000 Turkish Lira per fiscal year.

2. The exemption amount applied to benefits provided to employees through meal provisions outside the workplace or its annexes in Article 23 of the Income Tax Law for 2024 is set at 170 Turkish Lira per fiscal year.

3. The exemption amount applied to benefits provided by employers to facilitate employees’ access to the workplace in Article 23, paragraph (10) of the Income Tax Law for 2024 is set at 88 Turkish Lira per fiscal year.

4. The deduction amounts applied to incomes for individuals with disabilities listed in Article 31 of the Income Tax Law for 2024 are as follows: 6,900 Turkish Lira for first-degree disabilities, 4,000 Turkish Lira for second-degree disabilities, and 1,700 Turkish Lira for third-degree disabilities.

5. The rental amount applied to businesses subject to the simplified scheme in 2024 is set at 55,000 Turkish Lira within metropolitan municipality boundaries and 34,000 Turkish Lira elsewhere.

6. The limits related to businesses mentioned in Article 48 of the Income Tax Law for 2024 are as follows:

1. Annual purchases for traders should not exceed 690,000 Turkish Lira, and sales should not exceed 1,100,000 Turkish Lira.
2. The total revenue of businesses not covered in the above points should not exceed 340,000 Turkish Lira.
3. In case of engaging in both trade and other businesses together, the total sales and business revenues should not exceed 690,000 Turkish Lira.

7. The exemption amount applied to profit from value appreciation related to Article 80 (repeated) of the Income Tax Law for 2024 is set at 87,000 Turkish Lira per fiscal year.

8. The exemption amount applied to incidental profit mentioned in Article 82 of the Income Tax Law for 2024 is set at 200,000 Turkish Lira per fiscal year.

9. The minimum threshold for submitting tax returns related to income from deducted movable and immovable property according to Article 86 of the Income Tax Law for 2024 is set at 230,000 Turkish Lira (second tax bracket).

10. The minimum threshold for submitting tax returns related to undeducted movable and immovable property according to Article 86 of the Income Tax Law for 2024 is set at 13,000 Turkish Lira per fiscal year.

11. It is determined that the maximum amount of deferred exemption that should not be exceeded in annual tax returns for income and corporate taxes to be submitted as of 01.01.2024 according to repeated Article 121 of Law No. 193 is 6,900,000 Turkish Lira.

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