Financial Information about minimum wage and taxes.

Financial Minimum Wage is a concept that determines the lowest wage level of employees in Turkey. It is calculated based on an amount determined by the Ministry of Finance every year. The Fiscal Minimum Wage for 2021 has been determined as 3,577.50 TL gross. As for taxes, there are many different types of taxes in Turkey. These include taxes such as income tax, value added tax, corporate tax, and motor vehicle tax. These taxes are collected on the earnings, expenses and assets of individuals and businesses. Income tax is a tax levied on the earnings of individuals. It is calculated according to tax brackets determined according to the amount of income and is deducted monthly. Income tax rates vary depending on the amount of earnings. Value added tax (VAT) is a tax on consumption. It is taken from the sales of goods and services made by commercial enterprises. VAT rates vary depending on the nature of the goods and services. Corporate tax is a tax levied on the profits made by companies. It is calculated based on the annual net earnings of companies and its rate is fixed. Motor vehicle tax is a tax determined according to the type and engine volume of motor vehicles owned. It is paid specifically by vehicle owners and collected annually. In line with this information, a person working in Turkey pays income tax on the income he earns. Additionally, it pays value added tax on the goods and services it consumes. Companies pay corporate tax on the profits they make. Motor vehicle owners pay motor vehicle tax for the vehicles they own.