INCOME TAX, CORPORATION TAX, VALUE ADDED TAX (VAT) AND RENT WITHOLDING TAX WILL BE SUBJECT TO 5% (FIVE PERCENT) DEDUCTION ON THE AMOUNT OF TAX PAYABLE AS FROM 15 th FEBRUARY 2018.
The Turkish Republic of Northern Cyprus Income Tax Law,Corporation Tax Law and Value Added Tax Law all include provisions which allow individuals and companies to claim %5 deduction on the amount of tax payable.
In order to be entitled to 5% deduction, the tax concerned should have been paid during the three years consecutively without distruption.So if an individual or a company has paid any of the taxes stated above for three years consecutively they can claim 5% deduction at the date of payment of the tax concerned as from 15 February 2018. 5% deduction on the amount will be applied at the date of payment of tax.
| Tax | Final Date of Submission of Tax Return | Final Date od Payment of Tax |
|---|---|---|
| Income Tax For Individuals |
30 April (following the accounting year) | 31 July (1st Instalment) and 30 November(2nd Instalment) |
| Income Tax Companies |
30 April (following the accounting year) | 30 June |
| Corporation Tax For Companies |
30 April (following the accounting year) |
31 May (1st Instalment) and 31 October (2nd Instalment) |
| Value Added Tax For Individuals |
25 th of the month(following the reporting month) | 25 th of the month(following the reporting month) |
| Value Added Tax For Companies | 20 th of the month(following the reporting month) | 20 th of the month(following the reporting month) |
If for any reason the consecutive payments are distrupted , the 3 years period starts from the date of distruption.In this case an individual or a company can only claim 5% deduction after the completion of 3 years after the date of distruption, during which consecutive payments will be effected.
