Corporate income tax cuts announced The Turkish Ministry of Finance has announced plans to cut the corporate tax rate (currently 30%) by applying a progressive rate system on corporate profits. Accordingly, for the first YTRL 100,000, the corporate tax rate would be 15%, and 30% for the remaining corporate profits. Another alternative proposed by the Tax Council (an advisory body of the Ministry) would be to apply a progressive rate system and gradually decrease the upper rate over a period of 3 or 4 years; the progressive rate system would be changed to a single rate system at the end of that period, by fixing the rate at 18%. The tax cut is planned to be applied from 1 January 2006. — Orbitax Tax News & Alerts