Will VAT be calculated if the real estate purchased as a business asset without VAT without an invoice from a non-taxpayer final consumer is sold in the future?
Yes, VAT should be calculated at the general rate in business sales. The general rate VAT rate is currently 20%. The general rate VAT rate is applied on the date the business is sold. Again, a VAT exemption may be granted for part or all of the sales date. Therefore, it is important to examine the legal regulation on the date the business is sold.
Source: Istanbul Chamber of Certified Public Accountants – Revenue Admin.
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