The Republic of Türkiye Ministry of Treasury and Finance (“Ministry”) announces a revaluation rate for each year in accordance with paragraph (B) of the duplicated Article 298 of the Tax Procedure Law No. 213. Accordingly, pursuant to the General Communiqué on Tax Procedure Law No. 542 published in the Official Gazette dated November 24, 2022, and numbered 32023, the revaluation rate for the year 2022 was determined as 122.93% (one hundred twenty-two point ninety-three).

As for the application of the revaluation rate, it should be emphasized that the President is authorized, within the limits specified in the relevant laws, to make reductions and increases on the amounts of limits, rates, fees, and penalties regulated in various regulations such as Income Tax Law No. 193, Stamp Tax Law No. 488, Law on Fees No. 492, etc. calculated according to the revaluation rate. It should be noted that the President’s authority here is to reduce or increase the amount and rates calculated according to the revaluation rate, not the revaluation rate itself.

The content of this article does not constitute a legal opinion. Astra Law Firm shall under no circumstance be held responsible for the content hereof. It is recommended for the readers to contact our team for detailed information and professional support regarding the content of this article.