Under Turkey’s General Communiqué No. 323 on Individual Income Tax,1 the individual income tax brackets for 2023 and income tax return thresholds have been updated based on the revaluation rate (122.93 percent) determined for the tax year 2022.
In addition to the updates in the income tax table, Turkey’s Social Security Authority announced that the maximum amount of wages subject to social security (the “SSI ceiling”) increased from ₺ 48,532.50 to ₺ 75,060.00 and the minimum amount of wages (the “SSI base”) subject to social security increased from ₺ 6,471.00 to ₺ 10,008.00 in 2023 (₺ = TRY). The 54.66 percent increase in the social security wage base from 2022 to 2023 represents the very high inflation rate in Turkey during 2022.