'Economic Stability Shield' package aiming to take control of Covid-19 Epidemic's impact on the Turkish economy is announced during the meeting held on 18th March 2020.
The amendments included in the "Economic Stability Shield" package in relation to tax legislation may be summarized as follows:
- April, May, June payments of withholding tax, VAT and SSI premiums payments for retail, shopping mall, iron-steel, automotive, logistics-transportation, cinema-theater, accommodation, food-beverage, textile-garment and event-organization sectors, will be postponed for 6 months.
- Accommodation tax will not be applied until November.
- In domestic air transportation, the VAT rate will be reduced from 18% to 1% for 3 months.
- The periods of the concluding declarations, including the payments of the deductions made at the source such as withholding tax, will be delayed for 3 months.
You may also find the announcement of the Revenue Administration regarding the Economic Stability Shield package here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.