Turkey chapter of Tax on Inbound Investment 2019; written by Şansal Erbacıoğlu and Eray Ergün, published in Getting the Deal Through by Law Business Research Ltd.

The most significant differences in local tax treatment between a share deal and the acquisition of business assets and liabilities are the application of value added tax (VAT), income tax exemptions and accounting of goodwill. In most share deals, the transaction is exempt from (or not subject to) Turkish VAT, and corporate and individual sellers benefit from income tax exemptions on capital gains, if any, while the acquisition of business is usually a taxable transaction in terms of Turkish VAT and income taxes.

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