Income tax rates for 2024 have been published in the Official Gazette of Turkey

Tax rates for 2024 have become known, which, among other things, apply to income received from renting out real estate and/or from selling real estate (if the property has been owned for less than 5 years). The tax will be calculated at the following rates:

15% - income up to 110,000 liras
20% - income from 110.000 liras to 230.000 liras
27% - income from 230.000 liras to 580.000 liras
35% - income from 580.000 liras to 3.000.000 liras
40% - income over 3,000,000 liras

Income up to 33,000 liras is not taxable (previously this amount was 21,000 liras).

Important! When filing a declaration for income received from renting out real estate, you can take into account expenses related to housing maintenance (expenses for repairs, utilities, property tax, etc.).