Tax

RESIDENCE: Residents are fully liable under the Turkish tax system: that is, they pay taxes based on their worldwide income. Non-residents have limited liability and are subject to tax on their business earnings derived in Turkey.

Over the course of 2011, Turkey saw a significant increase in deal transactions, both numerically and in terms of volume, and the outlook for the remainder of 2012 is very positive indeed. Some 74% of the deals in 2011, by value, involved foreign investors, representing a significant recovery from 2010, when only 36% of deals involved an...

Foreign direct investment to Turkey totalled $74.8bn in the past five years. This is mostly due to the business-friendly environment prevailing in the country and the government’s continuous efforts to incentivise investments by both local and international investors.

In recent years, the tax landscape has been affected by a number of developments, including changes to the tax legislation as well as case law. The South African tax system does not allow for group tax. However, in 2001 the National Treasury introduced corporate rules intended to allow entities that form part of the same group of companies to...

Tax legislation is drafted by the National Treasury and administered by the country’s tax authority, the South African Revenue Services (SARS). The tax authority is able, where necessary, to draft guidelines, practice notes and interpretation notes. It does not, however, have the power to draft legislation, and its role is limited to administration...