By implementing the 2023 Debt Structuring Package, Turkey has started to restructure many debts such as tax debts, tax penalties, late interests, administrative fines, insurance premiums and tax amnesty within the scope of tax amnesty. The restructuring package was published in the Official Gazette within the scope of the “Law No. 7440 on the Restructuring of Certain Receivables and the Amendment of Certain Laws”, which envisages restructuring of public receivables. So what will these developments change in our lives?
Opportunities for young entrepreneurs: What does Law 7440 change?
The Young Entrepreneur Support, which was implemented in our country to support the entrepreneurial spirit and to facilitate the entry of young people into the business world, is an important opportunity. Thanks to this support, young entrepreneurs have the opportunity to develop new business ideas and turn their dreams into reality.
Among the advantages of the Young Entrepreneur Support, the Young Entrepreneur Earnings Exemption, which is an income tax exemption for entrepreneurs under the age of 29, is of great importance. In 2023, this exemption will be increased from 75,000 TL to 150,000 TL, providing a serious financial advantage for young entrepreneurs.
taxpayerIn this process, it supports young entrepreneurs by providing services that facilitate the processes of establishing and managing companies. Thanks to the fast and simple company formation processes, entrepreneurs are allowed to focus their time and energy on their business, while also helping them to manage financial processes.
taxpayeris a reliable, fast and affordable platform for establishing companies and managing financial processes with end-to-end services, preferred by tens of thousands of entrepreneurs from more than 130 countries. Constantly increasing the number of countries in which it operates and the variety of services to meet the needs of its members, Mükellef also inspires the entrepreneurial ecosystem.
In addition, Taxpayer provides professional support for the entrepreneurs who want to take advantage of the installment of tax debts, discounts and other advantages provided under the Restructuring Law No. 7440, in the management and follow-up of these processes. Thus, entrepreneurs can focus on growing their business and succeeding while meeting their financial obligations.
By working in cooperation with the taxpayer, young entrepreneurs can benefit from the Young Entrepreneur Support at the maximum level and grow their business faster.
Information about the Configuration Law No. 7440
- With the law that came into force on March 12, 2023, some changes were made that may be important for entrepreneurs and company owners.
- Tax liabilities and administrative fines accrued until 31 December 2022; An application was made until May 31, 2023, to be paid in installments up to 48 months.
- A one-time 10% additional tax was imposed on the exemption and reduction amounts, valid in corporate tax returns for 2022, with the exception of businesses in the earthquake zone.
- The collection of 2.000 TL or less debts due before 31 December 2022 and unpaid as of 1 January 2023 has been cancelled.
- For the last 5 years; In case taxpayers increase their income and corporate tax bases and certain conditions are met, no retrospective tax follow-up and examination will be made for the relevant years.
- With this configuration, companies; business records such as fixtures, cash availability and receivables from partners were given the opportunity to make them operational.
- SGK debts and Bağkur premiums are paid in installments up to 48 months, provided that they are paid in the time and manner specified in the law.
- The Young Entrepreneur Earnings Exemption, which provides income tax exemption for young entrepreneurs under the age of 29, has been increased from 75,000 TL to 150,000 TL for 2023 by being equalized to the second tranche of income tax to be updated every year.
- If you want to take advantage of this configuration, if you have an initiative, if you do not know how to set up a company, Taxpayer will help you exactly in this regard. With Taxpayer, you can open your own company and start your venture.