Turkey - Taxation of Derivatives under Temporary Article 67 of Personal Income Tax Law 193
- B. Ubay
- Derivatives & Financial Instruments, 2013 (Volume 15), No 1
- 17 January 2013
Income from derivatives is subject to income tax under the Turkish tax system, based on temporary article 67 of Personal Income Tax Law 193. This temporary provision applies between 1 January 2006 and 31 December 2015. Income from derivative transactions is taxed via withholding at different rates based on the taxpayer and the transaction. This ever-growing market attracts many investors, both resident and non-resident individuals and companies. This article explains the current provisions through the use of examples pursuant to Personal Income Tax General Communiqué 282, which was published in the Official Journal in 2012.