Turkey’s Ministry of Finance has announced the revaluation rate for 2017 as 14.47%. The rate will also apply to the last provisional taxation period of 2017. The revaluation rate is used to update various taxes, administrative penalties and other monetary amounts on an annual basis. The revaluation rate determined for 2016 was 3.83%.
The 2017 rate was announced via Tax Procedural Law General Communiqué No. 484 (“Communiqué”), published in the Official Gazette number 30237 on 11 November 2017.
The Tax Procedure Law No. 213 defines the revaluation rate as the increase rate for the Domestic Producer Price Index. The Turkish Statistical Institute announces the rate during October each year (including October), as a comparison with the same period in the previous year. The Ministry announces the rate in the Official Gazette.
Please see this link for full text of this Communiqué (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.