Will taxpayers subject to the simplified procedure submit a real beneficiary notification?
No, taxpayers subject to the simplified procedure will not submit a real beneficiary notification.
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Those who must submit a real beneficiary notification are explained in Article 4 of the VUK Communiqué No. 529 dated July 13, 2021.
Those who are required to submit a real beneficiary information notification
ARTICLE 4 – (1) The real beneficiary information notification that is the subject of this Communiqué shall be made by those who are active as of 1/8/2021, when the notification submission period begins (including those whose liquidation process is ongoing);
a) Corporate taxpayers,
b) Person or partner authorized to represent the company in collective companies, one of the limited partners in unincorporated limited partnerships and the person with the highest partnership share in ordinary partnerships, managers, trustees or representatives of trusts and similar organizations established in a foreign country with headquarters in Turkey or with a resident manager in Turkey,
must give.
(2) In addition; those deemed liable in the implementation of the Law on Prevention of Laundering Proceeds of Crime No. 5549 dated 11/10/2006 in the Measures Regulation;
a) Banks,
b) Institutions authorized to issue bank cards or credit cards other than banks,
c) Authorized institutions specified in foreign exchange legislation,
ç) Financing and factoring companies,
d) Capital market intermediary institutions and portfolio management companies,
e) Payment institutions and electronic money institutions,
f) Investment partnerships,
g) Insurance, reinsurance and retirement companies and insurance and reinsurance brokers,
ğ) Financial leasing companies,
h) Institutions providing clearing and custody services within the framework of capital market legislation,
ı) Borsa İstanbul Anonim Şirketi, limited to custody services related to the Precious Metals and Precious Stones Market,
i) Postal and Telegraph Organization Anonim Şirketi and cargo companies,
j) Asset management companies,
k) Those who buy and sell precious metals, stones or jewelry and those who mediate these transactions,
l) Limited to the activity of minting Republic gold coins and Republic gold ornaments including the General Directorate of Mint and Stamp Printing,
m) Precious metals brokerage firms,
n) Those who deal with the purchase and sale of real estate for commercial purposes and those who mediate these transactions,
o) Those who deal with the purchase and sale of all kinds of sea, air and land transportation vehicles, including construction machinery, and those who mediate these transactions,
ö) Those who deal with the purchase and sale of historical artifacts, antiques and works of art or those who act as auctioneers for them,
p) Those who operate in the field of lottery and betting games, including the General Directorate of the National Lottery Administration, the Turkish Jockey Club and the Presidency of the Spor Toto Organization,
r) Sports clubs,
s) Notaries,
ş) Except for the information obtained due to professional work performed within the scope of alternative dispute resolution methods and the first paragraph of Article 35 of the Attorneyship Law No. 1136 dated 19/3/1969, provided that it does not contravene other provisions of the law in terms of the right of defense; Freelance lawyers, limited to real estate purchase and sale, establishment and removal of limited real rights, establishment, merger of companies, foundations and associations, and their management, transfer and liquidation, financial transactions related to the management of banks, securities and all kinds of accounts and assets in these accounts,
t) Freelance accountants, freelance accountants and certified public accountants who work without being affiliated with an employer,
u) Independent audit institutions authorized to conduct audits in financial markets,
ü) Crypto asset service providers,
v) Savings finance companies,
and their branches, agencies, representatives and commercial agents and similar affiliated units are required to report to the Presidency the real beneficiary information of the transactions carried out by their customers when requested by the Revenue Administration.
(3) The branches, agencies, representatives and commercial agents and similar affiliated units of the obligor headquartered abroad are required to report to the Presidency the real beneficiary information of the transactions carried out by their customers when requested by the Revenue Administration.
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Real beneficiary: The real person or persons who ultimately control or have ultimate influence over legal entities or unincorporated entities.
Source: Istanbul Chamber of Certified Public Accountants
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
