Affecting millions of employees: Salaries go to taxes following new income tax
With the new income tax schedule in Turkey, tax increases on salaries will take a significant portion of employees' wages until the end of the year. The first bracket of the schedule has risen to 158 thousand liras, and the top bracket to 4 million 300 thousand liras.
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According to the Income Tax Law, wage income earned by individuals within a calendar year is subject to income tax. The taxation of wages is based on the income tax schedule, which is renewed every year.
Social security expert İsa Karakaş, in his article published in the Türkiye newspaper, explained the new tax schedule to be applied to employees' salaries. Accordingly, the schedule used as the basis for taxing income subject to income tax is as follows:
- 15% for up to 158,000 TL
- 23,700 TL for 158,000 TL of 330,000 TL, 20% for the excess
- 58,100 TL for 330,000 TL of 800,000 TL (for wage income
- 58,100 TL for 330,000 TL of 1,200,000 TL), 27% for the excess
- 185,000 TL for 800,000 TL of 4,300,000 TL (for wage income
- 293,000 TL for 1,200,000 TL of 4,300,000 TL), 35% for the excess
1,410,000 TL for 4,300,000 TL of the amount exceeding 4,300,000 TL (1,378,000 TL for 4,300,000 TL of the amount exceeding 4,300,000 TL for wage income), 40% for the excess
