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What are death duties like in Turkey ?

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What are death duties like in Turkey ?

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A10 – Inheritance and Gift Tax (IGT) is a specific wealth tax and applies on the transfer of wealth belonging to Turkish nationals. The tax applies to transfers of movable or immovable property made on death and also to lifetime gifts, with some exemptions stipulated in law. Liability to IGT depends on nationality. Where the transferee has Turkish nationality, IGT has no territorial limit and applies to assets wherever situated. Where the transferee is not a Turkish national, IGT applies where the assets transferred are situated in Turkey. Turkish IGT is charged to the transferee on the entire value of the amount transferred, subject to exemptions and reliefs where appropriate. Status of the individual liability to IGT is limited by the nationality of the transferee. Valuation of Assets: Buildings and land are subject to the valuation rules of property tax. Property tax is levied annually on the market value of real estate. Market value is specifically determined by the municipality wh

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Inheritance and Gift Tax (IGT) is a specific wealth tax and applies on the transfer of wealth belonging to Turkish nationals. The tax applies to transfers of movable or immovable property made on death and also to lifetime gifts. The properties with the price not more than 81,000 YTL are exempt from this tax. The rates of IGT vary between 1% and 7% and depend on the transferred property value. If the TAPU cost of the transferred property is under 130,000 YTL (about 68,000 euro) IGT is 1%, from 130,001 YTL to 280,000 YTL (about 143,000 euro) 3%, from 280,000 YTL to 600,000 YTL (about 307,000 euro) 5%. Maximum IGT can be 7%. The taxable sum is the TAPU price of the property minus 81,000 YTL.

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