Circular 10/2022 ("Circular"), titled "Exemption from income tax of remuneration relating to first employment exercised in the Republic," and applicable to articles 8(21A) and 8(23A) of the Income Tax Law, was released by the Ministry of Finance's Tax Department on November 1, 2022.

The Circular particularly clarifies how the exemptions specified under articles 8(21A) and 8(23A) of the Income Tax Law should be applied and discusses how to do so in practice with a number of examples and instructions.

All taxpayers who fall under the terms of articles 8(21A) and 8(23A) are advised to reassess their stance in light of the publication of Circular 10/2022 and the new instructions given by the Tax Department.