<\/span><\/h2>\nThe taxation system for sole proprietorships in Turkey is quite simple. Sole proprietorships declare their profits and income through their owners’ personal income tax returns. Tax rates on profits may vary depending on the annual income bracket.<\/p>\n
We can illustrate this in a simple way as follows:<\/p>\n
Tax rates are assessed on the profits generated within a taxation period. For example, if a sole proprietorship with an invoice transaction of 500,000 TL excluding VAT has an expense of 400,000 TL in accordance with the law, it will have a profit of 100,000 TL and will be included in the second tax bracket. Tax rates according to income are listed below:<\/p>\n
0-70.000 TL – 15%<\/p>\n
TL 10,500 for the TL 70,000 portion of TL 150,000, and 20% for the portion above this amount<\/p>\n
TL 26,500 for the TL 150,000 portion of TL 370,000, 27% for the portion above this amount<\/p>\n
TL 85.900 for the TL 370.000 portion of TL 1.900.000, 35% for the portion above this amount<\/p>\n
TL 621,400 for the portion of TL 1,900,000 and 40% for the portion above TL 1,900,000<\/p>\n
A sole proprietorship must also declare declarations such as provisional tax, withholding tax, value added tax, etc., which all businesses are subject to.[\/vc_column_text][\/vc_column][\/vc_row]\n\n\n
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<\/p>\n