(=) Pilot ücretlerinde vergi istinasında değişiklik Yeni yasaya göre Kamu kurum, kuruluşları hariç Türk Hava Kurumu ile sivil havacılıkta görevli pilotlar ve sertifikalandırılmış kabin memurlarına ücrertlerinin safi değeri üzerinden %70'i gelir vergisi istisnası uygulanacak. Bahsi geçen değişiklik önceden bekleniyordu. Buna paralel haberin piyasa etkisinin sınırlı olmasını bekliyoruz.
(=) Change in the income tax exemption regulation for pilots and cabin crew Reportedly, according to new regulation, income tax exemption rate for pilots and cabin crew will be 70% while it may be up to 100% depending on The President’s approval. The new tax exemption will be only effective for the aviation companies excluding the public institutions. The previous tax exemption amount was at 85% and the potential cut in the exemption amount has already been expected in the market. Accordingly we do not expect the news to have a material impact on the listed aviation companies. For THY specific, the based on the latest official report, the company is considered as “public institution”, thus we think that new legislation would not be applied for the company. We will give further details once we discuss it with the management. Excluding the marketing personnel expenses, total employee costs comprise 13% of THY’s total cost base.
