According to the law, people who put their home production digitally for sale have been exempted from income tax up to 220 thousand TL. If the income exceeds 220 thousand TL, 4% income tax will be paid.
With the Article 10 of the Unemployment Insurance Law and the Law on Amendments to Certain Laws submitted to the Turkish Grand National Assembly yesterday, those who offer their home-made production digitally will receive tax exemption. According to the law, those who manufacture the goods they produce in their house without opening a separate workplace and sell these goods through the internet or similar electronic media will be exempt from income tax.
It should be noted that when the income of the aforementioned persons exceeds 220 thousand TL, they will be excluded from the scope of exemption. At the same time, it is worth mentioning that those who sell goods on the internet without making any production at home cannot benefit from this exemption. When the income of home producers exceeds 220 thousand TL, 4% income tax will have to be paid.
Despite this, 50 percent of the earnings from exports of goods can be deducted from revenues by reporting in the income tax return. The employment of businesses that want to benefit from this discount will also be examined. The bill, which mainly focuses on finding solutions to employment problems in Covid-19, tries to increase employment with tax exemptions it grants to businesses.
Let us add that companies, more than 20 percent of which will be offered to the public within the scope of the law proposal, can be reduced by 2 points from corporate tax for 5 years. Finally, the authority to reduce the corporate tax by 5 points will be given to the President.
It was planned to start the implementation of the tradesmen's ahi-order fund in 2021. However, with this new regulation, there will be no cuts from tradesmen in this context until 2024.
The era of peace of assets begins in the inflow of gold and foreign currency to the country
In addition, the funds held abroad, such as gold and foreign currency investments in Turkey until June 30, 2021 which are being evaluated and will not be subject to any tax examination under the peace. In this context, let's add that individuals can also bring securities and other capital market instruments from abroad.
Again, the presence of peace within the context of income or corporate taxpayers owned and located in Turkey, but do not take place money in their business records, gold, foreign currency, the real estate securities and other capital instruments will be the opportunity to be saved in the legal books.