Last reviewed - 26 July 2023

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.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

25 (30% for financial sector companies)

Corporate income tax (CIT) due dates
CIT return due date

30th day of the fourth month following the fiscal year-end.

CIT final payment due date

End of the month in which the tax return is due (i.e. by the end of April for companies using the calendar year).

CIT estimated payment due dates

Advance quarterly tax is due on the 17th day of the second month following each quarter.

Personal income tax (PIT) rates
Headline PIT rate (%)


Personal income tax (PIT) due dates
PIT return due date

31 March of the following year.

PIT final payment due date

Two equal instalments, by 31 March and 31 July.

PIT estimated payment due dates


Value-added tax (VAT) rates
Standard VAT rate (%)


Withholding tax (WHT) rates
WHT rates (%) (Dividends/Interest/Royalties)

Resident: NA;

Non-resident: 10 / 10 / 20

Capital gains tax (CGT) rates
Headline corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Headline individual capital gains tax rate (%)


Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)


Inheritance and gift tax rates
Headline inheritance tax rate (%)


Headline gift tax rate (%)


NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.