Tax reform in Turkey will affect property owners

According to a tax reform that is expected to be submitted to parliament soon, taxes will be increased for owners who use real estate as an investment vehicle. The details of the reform have not yet been revealed, but Hakan Akçam, president of the Ankara Professional Chamber of Estate Agents (ATEM), shared his assessment of the project.

Akçam pointed out that the main changes include an increase in the tax burden for owners of multiple properties. There are plans to increase property tax and land tax rates for such owners. In addition, Akçam mentioned plans to abolish the five-year tax exemption, which allowed tax exemptions on the sale of houses held for more than five years. The gain on the increase in value of the home would be taxable from the date of purchase.