When will limited tax payers be exempt from Income Tax?
1- When will limited tax payers be exempt from Income Tax?
Limited tax payers are exempt from income tax when they have income from the exhibition and fair and kermes with the by courtesy of government.
2- HOW EXEMPTION IS IMPLEMENTED ON YOUNG ENTREPRENEURS?
2.1- In the article number 6663 of Tax Law, tax payers who are younger than 29 years old, their 75.000 amount income attained through the 3 taxation period in the calendar, will be exempt from the income tax.
2.2- Exemption can be benefited from the date of 10th February 2016, by the ones who are suitable for the provisions of the article number 6663. Consequently, the taxpayers who begin working before that specific day, have the opportunity to benefit from this exemption.
2.3- Exemption will be implemented on the amount of 75.000 in each and every taxation period, and in the case of having income less than decided exemption amount, next year will be the year tax payers can benefit from the exemption.
*** Detailed explanations regarding the tax exemption of young entrepreneurs, can be found in İncome Tax Notification serial number 292.
Source: Income Tax Law
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