40% Top Tax Bracket Introduced in Turkey
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Turkey Payroll Outsourcing Alert – New 40% Top Tax Bracket Introduced
Turkey payroll outsourcing leader issues a statutory alert for Turkey.
Mercans has alerted its Turkey payroll outsourcing clients of new 40% top tax bracket has been introduced. Effective from 1 January 2020, the government of Turkey has introduced an additional tax bracket for top earners. Based on the newly announced change, annual income exceeding 600.000,00 TRY is subject to the new 40% tax bracket. The new tax bracket will apply to all personal income earned after 1 January 2020.
In accordance, new tax brackets and values for 2020 will be as seen below,
| From | To | Rate |
|---|---|---|
| 0.00 | 22,000.00 | 15% |
| 22,000.01 | 49,000.00 | 20% |
| 49,000.01 | 180,000.00 | 27% |
| 180,000.01 | 600,000.00 | 35% |
| 600,000.01 | 40% |