Turkey's Revenue Administration has announced the publication of Corporate Tax General Communiqué No. 20, which amends Corporate Tax General Communiqué No. 1 in relation to the corporate tax reduction for exporting and production companies as introduced by Law No. 7351. As previously reported, this includes a 1% reduction (discount) in the corporate tax rate on:
- Profits derived by exporting companies exclusively from export activities; and
- Profits derived by companies holding an industrial …