According to the 27998389 - 010.06.02. 368870 numbered Circular published by the Ministry of Treasury and Finance with the subject 'Financial and Social Rights', the coefficients used to calculate the wage of a public officers have been revised effective 01.07.2020.
Income Tax Exempted Severance Pay
The following values have been calculated taking these coefficients into account and shall be applied for the period between the dates of 01.07.2020 – 31.12.2020 maximum severance pay to be exempted from income tax is determined as 7.117,17 TL.
To access the full circular in which these announcements were made, please click here. (Please also be advised that the contents of this circular are in Turkish language.)
Originally published July 6, 2020.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.