New Rental Income Regulation Concerning Millions: Here are the Details!

An important regulation that concerns both homeowners and tenants has been implemented. The exemption amount applied on rental income was increased by 12 thousand liras to 33 thousand liras. With this update, those who earn rental income below 33 thousand liras per year will be exempt from paying income tax.

The news was announced by CEESS Global, a company operating in the real estate sector. Semih Sarıalioğlu, chairman of the board of directors of the company, said, “This regulation, which is a pleasing development for landlords and tenants, brings an important change in the sector. Those whose annual rental income is below 33 thousand TL will no longer have to pay income tax. This is a positive step for both landlords and tenants.”

In the previous regulation, the exemption amount was 21 thousand TL. However, with the amendment, this amount was increased to 33 thousand TL. In this context, those whose annual rental income is above 33 thousand TL will be subject to tax for the part exceeding this amount. However, those who earn rental income of 33 thousand TL and below will be exempt from tax for the part limited to this limit.

Among the conditions to benefit from the rent exemption is not having submitted a declaration due to commercial, agricultural or professional earnings.

With this important regulation, a new era begins between landlords and tenants. For more details, please contact CEESS Global.