What You Need to Know About Tax Regulations in 2024
“What You Need to Know About Tax Regulations in 2024”
TaxTen
It is critical for businesses to adapt to these innovations, both in terms of fulfilling their legal obligations and making their financial planning correctly. Here are the main innovations to consider in tax regulations in 2024:
New Taxation Rules for the Digital Economy
Updates have been made to tax rates for digital service providers. Companies that offer e-commerce, digital content platforms and online advertising services in particular need to follow these regulations closely.
E-Declaration and E-Document Obligations
Within the scope of e-transformation, e-declaration and e-document have been made mandatory for more businesses as of 2024. The coverage area of e-invoice and e-ledger users has been expanded.
Environmental Taxes and Green Economy Supports
Within the scope of regulations aimed at protecting the environment, special tax incentives are applied to companies that aim to reduce carbon emissions. In addition, increases in environmental taxes have been on the agenda.
Changes in Income and Corporate Tax Rates
Regulations made in income tax brackets have brought changing rates for different income levels. There are sectoral differences in corporate tax. There are significant changes especially in technology, energy and agriculture sectors.
International Tax Compliance
The minimum tax practices recommended by the OECD for multinational companies have been implemented in Turkey as of 2024. This situation brings new reporting and payment obligations for businesses operating internationally.
Tax Reductions and Incentives
While investment incentives for SMEs have been increased, new tax reductions have been introduced for companies making R&D and technology investments. In order to benefit from these incentives, the relevant criteria must be carefully examined.
Compliance with these innovations made in tax regulations in 2024 will protect your business from legal risks and provide financial advantages. You can simplify your processes by following current regulations and using the right software.