Turkey Updates Revaluation Rate for 2025
The Turkish government has recently announced a significant update to the revaluation rate for the year 2024. This change, published in the Official Gazette, sets the new rate at 43.93%.
The Turkish government has recently announced a significant update to the revaluation rate for the year 2024. This change, published in the Official Gazette, sets the new rate at 43.93%, marking a substantial increase from previous years
Key Points:
- The revaluation rate for 2024 in Turkey is set at 43.93%
- This rate is determined based on the Producer Price Index (PPI) from October to October
- The new rate will affect various taxes, fees, and penalties
Impact on Businesses and Individuals
This update will have far-reaching effects on both businesses and individuals in Turkey. The revaluation rate is used to adjust various financial parameters, including:
- Income tax brackets
- Stamp duties
- Fees and penalties
- Exemption and declaration limits
- Phone registration fees
- Immigraiton fees
For instance, the threshold for declaring rental income from workplaces or dividend income is expected to increase from 150,000 TL to approximately 230,000 TL for 2024 income
Why This Matters
The revaluation rate is a crucial economic indicator in Turkey, reflecting the country’s inflation trends and affecting numerous financial calculations. It’s essential for businesses to factor this new rate into their budgeting and financial planning for the upcoming year.While the President of Turkey has the authority to set a different rate, this official announcement provides a clear baseline for financial projections and tax calculations for 2024.
