The new General Tax Code (GTC) was published in Official Gazette No. 6706 of 31 December 2012 under Law No. 2012/31 of 31 December 2012 and became recently available.
The GTC provisions apply as of 31 December 2012 for corporate income tax purposes. Accordingly, the new rules apply on corporate profits derived in 2012 and due to be assessed in 2013.
The most significant changes regarding corporate taxation and tax incentives are summarized below.
Tax rates