02.01.2024/5
Inheritance and Gift Tax Exemption Amounts and Tax Base Brackets Redefined
With the Inheritance and Gift Tax Law General Communiqué Serial No. 55 published in the Official Gazette dated 30.12.2023 and numbered 32415 (2nd Repeated), the exemption amounts and tax base brackets of the inheritance and gift tax have been redefined.
Exemption Amounts to be Applied as of 01.01.2024
As of 01.01.2024, the exemption amounts in subparagraphs (b), (d) and (e) of the first paragraph of Article 4 of Law No. 7338 shall be applied as follows:
– TL 1,609,552 for the inheritance shares of each of the child and spouse, including adopted children (TL 3,221,082 for the inheritance share of the spouse in the absence of a child),
– 37.059TL for the transfers occurring without any consideration,
– 37.059TL for jackpots won in contests and raffles organized on money and goods and in games of chance as defined in the Law No. 5602 dated 14/3/2007 on the Regulation of Taxes, Funds and Shares Received from the Proceeds of Games of Chance.
01.01.2024 Tax Base Brackets to be applied as of 01.01.2024
As of 01.01.2024, the inheritance and transfer tax will be calculated according to the following tariff for the transfers that occur through inheritance or without consideration:
| Tax Base | Tax Rate (%) | |
|---|---|---|
| In Inheritances | In Gratuitous Transfers | |
| For the first 1,700,000 TL | 1 | 10 |
| For the next 4,000,000 TL | 3 | 15 |
| For the next 8,700,000 TL | 5 | 20 |
| For the next 17,000,000 TL | 7 | 25 |
| For the portion exceeding 31,400,000 TL | 10 | 30 |
The relevant Press release is available here.
Sincerely,
BİLGENER
