Articles

Readjustment of economic assets of shareholders registered as current assets

Estates registered as current assets and other economic assets of corporate taxpayers subject to depreciation can be readjusted by 31.12.2021 within the scope of an arrangement in law, also named tax amnesty, on restructuring certain receivables.

Almanya’yla Otomatik Bilgi Paylaşımı yürürlüğe girdi

Türkiye Cumhuriyeti'nin 01.06.2021 tarihli Cumhurbaşkanı Karar‘ı (T.C. Resmî Gazete (resmigazete.gov.tr) ile Türkiye'nin finansal hesap bilgilerinin Almanya ile otomatik değişiminin yolu açılmıştır.

Tax base increase

The “Law on Restructuring of Certain Receivables and the Amendment of Some Laws” no. 7326 dated 9 June 2021 has been published in the Official Gazette Issue no. 31506. The tax base increase that comes with this Law should be considered as a type of insurance.

A new tax amnesty law

The new Tax Amnesty Law accepted by the GNAT includes varied topics such as the liquidation of specified receivables, liquidation of undue and litigious receivables, tax base increase, the possibility to adjust the registers of unregistered commodities and fixed assets as well as of safes, receivables from shareholders, commodities and fixed assets that are registered but that do not exist physically, and the re-raise to current values of real estate and fixed assets registered in the balance sheet.

The financial expense restriction has been launched

The Financial Restriction regulation had thus far not found any application area since the ratio for restriction had not been specified despite the decision itself having been published in the Official Gazette dated June 15, 2012. With the determination of the ratio to 10% by the President of the Republic, the Financial Expense Restriction has entered the lives of businesses as of 2021.

Deadline to apply for cash repatriation is on 30.06.2021

The last Cash Repatriation Regulation aspires to earn foreign and domestic capital to our economy. It is going to be the 7th Cash Repatriation in the last 12 years. It is thus called the 7th Cash Repatriation Regulation. The deadline is on 30.06.2021, if not deferred to a future date.

Scope of the VAT Withholding Practice Extended

While the scope of the VAT withholding was extended and the rates increased significantly, many transactions became subject to VAT withholding. It is possible that some taxpayers will be financially affected by this practice.

Taxation of Wage Income

Amendment to the Income Tax Law Makes Significant Changes Regarding the Taxation of Wages. In Order to Avoid any Errors, Income Tax Returns to Be Issued in March Must be Filled in Consideration of These Amendments.