With a population of almost 80 million people and GDP of close to 900 billion US dollars, Turkey is a dynamic nation that has played many significant roles in the world economy and throughout human history. Turkey is blessed with more than 13 world heritage sites, some of the world’s oldest temple structures and some of the largest and oldest malls in existence today in the world. It is obvious to see the role Turkey plays in the future of international culture and expatriates in the country for business is assured of making it big.
When it comes to payroll in Turkey, the country has a standard monthly taxation structure and payment system hence paying employees can be a routine process. Despite the unrest experienced by Turkey in the last decades, the economy has rather witnessed a rise within this period. Turkey, a Euro-Asia country, situated between Europe and Asia, the country is a popular location for business in different industries.
Working in Turkey requires you have all the tax knowledge to abide by the appropriate authorities. If you have a permanent contract in Turkey, it’s mostly that your tax will be handled under the (pay as you earn) PAYE system. You should be aware of this system by now, however, what this means in a nutshell is that your tax will be calculated as per what you earn. This tax payment will cover social security, public health insurance, income tax and every other deductions.
If you are under an umbrella company, they will help you calculate and process your taxes and payroll in Turkey and send you a net wage. However, this service may not be available to contractors with a short stay with an employer, though it is the easiest way of handling your tax in Turkey. Contractors working without an umbrella company or not using a third party for payroll in Turkey will have to handle all their financial obligations to the government of Turkey on their own.
Just as it is in all other countries, Payroll in Turkey requires a dedicated HR department, which requires additional accountants. You can avail yourself the services of a third party for your payroll in Turkey because it will save you the stress and time that it will take to set up an in house payroll section.
Having a third party handle your company’s payroll in Turkey for you is an excellent way to save costs and avoid the necessity to dedicate in-house resources in most cases which are scarce, both in terms of personnel and office space. The duty of this third party can cover everything from tax and report filing to payroll in Turkey. They will be tasked to provide solutions to all your business administrative, social and legal parts of your company’s activities in Turkey under the best possible circumstances. Azkan Group
