The coefficients that are used to calculate severance pay and child support amounts exempt from income tax have been revised due to the inflation indicated by the Turkish Statistical Institute 2003=100 Base Conusmer Price Index. The revision has been announced by Ministry of Finance Budget and Financial Control Department in the circular number 27998389.115913. The revised amounts that have gone into force as of January 3rd 2014 can be found below:
Following values are calculated taking these indexes into consideration, and shall be applied for 01.01.2014-30.06.2014 period;
- Maximum severance pay to be exempted from income tax is 3.438,22.- TL,
- Monthly child support to be exempted from income tax is;
- For children of 0-6 age group 38,50 TL,
- For the others 19,25.- TL.