Tax on wealth in turkey
Taxes on Wealth
Three type of taxes on wealth are taking into practice as follow:
- Inheritance and gift taxes
- Property taxes
- Motor vehicle tax
- Real Estate raxes are varying between at rate of 0.04% to 0.1%, however protecting of cultural immovable property is levied at a rate of 10 % of the property tax.
- Motor vehicle tax is stable and changing according to the age and engine capacity of considered vehicle each year.
- Inheritance and Gift taxes are set at rang of 1 % to 30 %.
real estate tax is paid each year on the tax values of land and buildings. In the case of the sale of a property, a tax required to be paid on the sales value by both the buyer and the seller. Property tax returns are filed every 4 years and annual taxes are paid in two equal installments – the first in March, April or May and the second in November.
Items obtained as gifts or through inheritance are required to a progressive tax rate, depending of items value. Tax paid in a foreign country on inherited property is deducted from the taxable value of the asset. Inheritance and Gift Tax can be paid in twice installments during a year over a period of 3 years.
Motor vehicle tax is getting assessed being received annually at the first of January. Motor vehicle tax is paid in two equal instalments, in January and July, every year. the real and legal persons who own motor vehicle which registered his/her own names in the traffic office municipality and docks register and the civilian air-vehicle register maintained by the Ministry of Transportation. According to motor s age, weight, cylinder capacity and fuel consume the motor vehicle tax is calculated.