Türkiye: The Approximate Revaluation Rate and Tax Brackets Have Been Announced

Authors: Ipek Unlu Tik and A. Kaan Baser

The General Communique regarding Tax Procedure Law (“Communique”) has been published in the National Gazette 25.11.2023 and is numbered 32380.

Accordingly, the revaluation rate has been determined to be 58.46% for the year 2023. The rate is not yet final as the President has the authority to increase or decrease such rate. If not changed, the approximate tax brackets for the year 2024 are expected to be as follows:

Potential Tax Brackets for the Year 2024 (Unofficial, Not Final)
Up to TRY 110.000	15%
Between TRY 100.000 – 230.000	20%
Between TRY 230.000 – 870.000	27%
Between TRY 870.000 – 3.000.000	35%
Above TRY 3.000.000	40%

Key Points:

• The approximate revaluation rate has been determined to be 58.46% for the year 2023.
• Potential tax brackets for the year 2024 have been determined in line with the revaluation rate.
• The President has the authority to increase or decrease the rate before finalization.