2024 Annual Tax Changes in Turkey: Significant Increase in Income, Property, and Vehicle Taxes

In 2024, Turkey experienced significant increases in taxes and fees, prompting a comprehensive analysis. The updated income tax rates, as well as changes in property and vehicle taxes, and the amounts for passport and driver's license fees, require detailed examination.

This year, a significant increase in tax rates has been recorded. The recovery rate has been set at58.46%...which led to an increase in various taxes and fees. It is especially worth noting the changes in income tax and the amounts of tax-exempt income, which have become higher. For example, the minimum income tax rate for 2024 has significantly increased:

• The first tax group has increased from 70,000 to 110,000 lira.

• the second one – from 150 thousand to 230 thousand lira,

• the third - from 370 thousand to 580 thousand lira,

• the fourth - from 1 million 900 thousand to 3 million lira.

For income from wages, the third bracket, which used to be 550,000 lira, has now been raised to 870,000 lira. These changes will benefit all taxpayers, especially working citizens, by preventing them from moving to higher tax rates too soon.

The changes and increase in the minimum wage, which amounted to49.1%This change affected both income tax and documentary fees, which will ultimately allow workers earning minimum wage to avoid payment.37,126.92lyre in 2024.

The tax-exempt amounts for rental income have also increased:

• from 21 thousand to 33 thousand lira,

• for capital growth – from 55 thousand to 87 thousand lira,

• and for one-time income – from 129 thousand to 200 thousand lira.

In addition, the limits that can be deducted from the fees for passenger cars have increased by58.46%.

Property taxes have also undergone significant changes.