The question of why taxes are given is one of the important issues that many citizens ask and seek answers about. Of extremely critical importance to states are the levies levied to establish the integrity and well-being of citizens. Taxes can also be deducted from the salaries of individuals while deducting from the product and service received.

Taxes are expressed as money received from individuals who undertake the work or service in question according to the authority and permission of the services of government agencies or the work they perform. One of the types of Public income, the picture is similar to taxes and fees.

Taxpayers

Individual Income Tax

Income is expressed as the amount of net profit and earnings that individuals receive in a year. Revenue items are handled in 7 different classes. These classes are as follows;

• Income acquired through trade-related activities
• Income acquired after agricultural production,
• Revenues from professionals,
• Salary and fees,
• Income from capital investments,
• Income from real estate and real estate rights

Corporate tax is subject to corporate tax. Elements of income subject to corporate tax;

• Income acquired through trade-related activities
• Income acquired after agricultural production,
• Revenues from professionals,
• Salary and fees,
• Income from capital investments,
• Income from real estate and real estate rights

Spending Taxes

The Turkish tax system charges VAT from the procurement process and imports of products and services. Value Added Tax was introduced in 1985. Financial actions in Turkey take place based on VAT. Taxable transactions include the supply of goods and services, the import of products and services, and some other activities.  It should be stated that the transactions taking place in Turkey and listed below will be subject to Value Added Tax. These are commercial, industrial, agricultural, and other professional activities. Taxpayers of Value Added Tax; persons engaged in taxable transactions without regard to their legal status, nature, and relationship to other taxes.

Banking and Insurance Transaction Tax

All transactions carried out by the bank, insurance companies, and bankers are taxed. Because of the services produced in their names, there will be a tax on the money they collect with various names. People with taxpayer qualifications report their taxable transactions until the evening of the fifteenth day of the following month.

Special Communication Tax

This tax, known as the special communication tax, relates to mobile phones, radio, and TV broadcasting and telecommunications operations. The taxable issue is the execution of these services. The people who are considered taxpayers are those who provide the service in question.

Customs Duty

It should be stated that products from outside the borders of the country are subject to tax. Free movement of goods, customs declaration, and registration of the transactions that cause the emergence of tax are temporary import transactions that are about the promise of an exemption that is not complete.

Valuable Housing Tax

Valuable housing tax is levied on residential properties at progressive rates.

VALUABLE HOUSING TAX 2021

Source: Global Property Guide