ANNOUNCEMENTS
Banking and Insurance Transactions Tax rate increased from 2‰ to 1% 24.05.2020
BSMV (Banking and Insurance Transactions Tax) on foreign currency transactions increased from ‰2 to 1% starting from 24.05.2020. Turkish Revenue Administration (GİB) sent a written notification on 21.05.2020 to The Bank Association of Turkey indicating that, investments and other sales such as gold savings without physical delivery will be treated the same as foreign exchange transaction and Banking and Insurance Transactions Tax will be applied...
Minimum Wage Support amount for 2020 announced by Turkish Grand National Assembly on 24.03.2020.
1- Businesses Registered SGK (Social Security Institution) before 2020 receives 128 TL based on daily SGK Premium Base.
2- Private Sectors with collective labor agreement receive 256 TL.
3- Businesses operating Lignite and hard coal mining receives 341 TL.
4- Businesses registered in 2020 receives 2,50 TL plus total working days of all employees who are subject to long-term insurance.
Conditions to be complied with:
a) The number of employees subject to long-term insurance part should not be less than the number of employees subject to long term insurance part reported between Jan 2019 and Nov 2019.
b) The Minimum Wage support is applicable for whole year long in 2020.
c) Businesses registered SGK before 2020 must comply with;
- Timely Submission of 2020 monthly Social Security Premium and Withholding Tax Statement.
- Number of employees between Jan 2020 and Dec 2020 should not be less than the minimum number of employees reported between Jan 2019 and Nov 2019
- Reporting earnings subject to Social Security Premium with an absolute amount in 2020.
https://www.turmob.org.tr/ebulten/mevzuatsirkuleri/2020/77-2020.pdf
