Turkey

Turkey, known officially as the Republic of Turkey, is a transcontinental Eurasian country. Its location at the crossroads of Europe and Asia makes Turkey a country of significant geostrategic importance. The capital of Turkey is Ankara, and the official currency is the Turkish lira (TRY). The official language of Turkey is Turkish.

The modern Republic of Turkey was established in 1923, with Mustafa Kemal Atatürk as its first president. Turkey is a democratic, secular, unitary, constitutional republic. It has become increasingly integrated with the West through membership in organisations such as the Council of Europe, North Atlantic Treaty Organization (NATO), Organisation for Economic Co-operation and Development (OECD), Organization for Security and Co-operation in Europe (OSCE), and the G-20 major economies. Turkey began full membership negotiations with the European Union (EU) in 2005, having been an associate member of the European Economic Community (EEC) since 1963 and having reached a customs union agreement in 1995.

Turkey has also fostered close cultural, political, economic, and industrial relations with the Eastern world, particularly with the Middle East and the Turkic states of Central Asia, through membership in organisations such as the Organisation of the Islamic Conference (OIC) and Economic Cooperation Organization (ECO).

The Turkish economy, the 19th largest economy in the world , where he CAGR (Compound Average Growth Rate) realised was 5% over the last decade, With the latest figures, the size of the Turkish economy is 906 billion United States dollars (USD) as of year-end 2022, with a per capita GDP of USD 10,655.

In addition to its strong fundamentals, demographic structure; near-shoring and reshoring opportunities led foreign direct investment (FDI) inflows to Turkey to continue. Including real-estate investments, Turkey attracted USD 13 billion each year on average over the last ten years.

Inflationary environment and external vulnerabilities necessitates structural measures to be implemented whereas Turkey continued to decouple positively in fiscal metrics compared to its peers. within economic issues that have to be dealt with.

PwC Turkey supports clients with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms. PwC has operated in Turkey since 1981 and has offices in Istanbul, Ankara, Bursa, and Izmir.

We offer a wide range of products and services in all main and subsidiary sectors, especially automotive, banking, insurance and capital market, retail and consumer products, energy, utilities and mining, real estate, pharmaceuticals and healthcare, technology, information, communication, and entertainment.

Our major tax and legal services include the following:

• Tax Certification and Other Sworn Financial Advisory Services
• Tax Reporting & Strategy Services
• Indirect Tax Services
• Transfer Pricing Services
• International Tax Services
• Mergers & Acquisitions Tax Services
• Tax Technologies Services
• Individual Compliance & Consultancy Services.
• Transfer Pricing Services.
• R&D Advisory Services.
• Tax Management and Accounting Services.
• Human Resources.
• Labour Law and Social Security Advisory Services.
• Legal Services.

For up-to-date information on the most recent and significant developments in Turkish tax regulations, please refer to the tax bulletins added to our tax portal, Vergi Portali.