Attention Income Earners! Tax Returns Deadline Approaching
The annual income tax return period regarding earnings from last year will end on Monday, April 7th. Income tax payers are continuing to file and pay their tax returns for the year 2024. Due to requests related to the Ramadan holiday, the deadline for filing returns was extended from April 2nd to April 7th. Individuals taxed based on actual profits from commercial, agricultural, and professional activities can submit their annual income tax returns electronically. Tax payers whose income consists solely of wages, rent, capital gains, or other profits can easily and securely fill out their annual income tax returns through the “Digital Tax Office (Ready Declaration System).”
LIMIT FOR RENTAL INCOME IS 33 THOUSAND LIRA Property owners earning income from real estate must file their rental returns by April 7th as well. In this context, real estate owners earning at least 33 thousand lira annually from residential properties or 230 thousand lira from commercial properties will pay income tax. Those earning below the exemption amount are not required to file a return.
PENALTIES FOR FAILURE TO FILE RETURNS Tax payers can make their tax payments through the GIB’s “gib.gov.tr” website, the Digital Tax Office and GIB mobile application, participating bank’s bank-credit cards or accounts, cards from banks operating in foreign countries, as well as through the alternative channels of participating bank branches, internet, telephone, and mobile banking, and PTT branches. Additionally, payments can be made at all tax offices. Income tax accrued on annual income tax returns for the year 2024 can be paid in two equal installments in April and July of 2025. The first installment, along with the stamp duty, can be paid by April 7th, while the second installment can be paid by July 31st. Failure to submit the required electronic return within the legal deadline will result in a specific non-compliance penalty for tax payers. Additionally, failure to accrue the tax within the stipulated timeline will incur additional tax evasion penalties and late payment interest.
