Turkey’s Law No. 7144 Regarding Amendment of Certain Laws (the Law), which was approved by General Assembly of Parliament on 18 May 2018,1 was published in the Official Gazette and entered into force as of 25 May 2018.
The Law introduces a provisionary Article to be included in the Tax Procedural Code regarding the revaluation of real estate.
Turkish resident corporate and individual taxpayers who keep books on a balance sheet basis may revaluate their real estate under certain conditions until 30 September 2018.
A tax of 5% will be levied on the capital gains and the tax is to be paid by the end of the 25th day of the month following the date of revaluation.
1. See EY Global Tax Alert, Turkey imposes 5% tax on real estate revaluated under certain conditions, dated 22 May 2018.
EYG no. 03499-181Gbl
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