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Important information regarding tax rates and exemptions to be applied in the Turkish Republic of Northern Cyprus for the year 2024 is provided below:
Personal Allowance: For the 2024 tax year, the personal allowance amount has been set at 320,000 Turkish Liras by the decision of the Council of Ministers.
Income Tax Brackets: The income tax brackets and rates for the fiscal year 2024 have been organized as follows:
| Income Bracket (TL) | Total Income (TL) | Tax Rate | Tax on This Bracket (TL) | Total Tax (TL) |
|---|---|---|---|---|
| 0 - 30,000 | 30,000 | 10% | 3,000 | 3,000 |
| 30,001 - 60,000 | 60,000 | 20% | 6,000 | 9,000 |
| 60,001 - 136,000 | 136,000 | 25% | 19,000 | 28,000 |
| 136,001 - 236,500 | 236,500 | 30% | 30,150 | 58,150 |
| Over 236,500 | - | 37% | - | - |
