January, February and March 2017 premium payments of private sector employees who benefit from Treasury’s minimum wage support will be postponed to last three month of the 2017, respectively to October, November and December, according to omniums bill which is accepted in the Parliament’s related commission and expected to be in force before the end of the year.
2017 tax parameters have been announced very recently. Here are the new numbers;
Government’s minimum wage support, aimed to reduce the increased employment cost arising from %30 minimum wage hike in 2016, will continue during the 2017, according to omniums bill (colloquially known bag law) which is accepted in the Parliament’s related commission and is being discussed in the General Assembly at present.
Employers have received daily 3,33 premium refund throughout 2016 for each worker whose wage (earnings subject to premium) were notified under daily gross 85 TL (monthly gross 2.550.00 TL) in 2015, and for each personnel employed in new enterprises established/registered within 2016. The support is applied by setting-off the support amount (daily 3,33 TL) from the premium debts of the related month.
As the effect date of Private Pension system (1st January 2017) is approaching, implementation details becomes clearer by issuance of regulations one after another.
As is known, “Private Pension System”, which is complementary to the mandatory state social security scheme in Turkey has been introduced by Law No. 6740 and will enter into force on 1st January 2017.
Turkish citizen employees who are under the 45 years of age and working against wage under a service contract (in the scope of Law No. 5510, articles 4/a, and 4/c) will be automatically enrolled in a pension plan arranged by employers. Participant employees may have the right of withdrawal from the system within two months.
Now with the new regulation that made some amendments on the regulations issued before, following points are rearranged.
Details of the supports on project-based innovative, R&D focused and high value-added product investments announced by a cabinet decree issued in Official Gazette No. 29900, dated 26 November 2016. Law No. 6745, article 80 has been authorized council of ministers to decide and implement such supports and incentives.
100% Corporate Tax exemption, Value Added Tax exception, and Custom Duty exemption in the import of machinery and equipment, free land allocation and many other incentives will be granted for eligible investments.
The “Law on Supporting Investments on Project-Basis … No. 6745,” intended to achieve innovative technology and higher value-added product investment by providing significant supports for innovative, R&D activities on project-basis, in order to get a sustainable economic growth rate and competitive capacity, has been issued in Official Gazette and is in force as of 7th September 2017.
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