1- PAY ATTENTION TO THE LIMIT IN THE VALUE OF 7.000 TL!
Do you know that The Ministry of Finance has imposed an obligation that the payments exceeding 7.000 TL should be done via bank, financial institutions and PTT in order to prevent informal transactions?
2- SINCE WHEN HAS IT BEEN OBLIGATORY?
The prohibition of the payment in person for the amounts or the receiving came in force 01.08.2003. That means this practice has been in force since more than 13 years.
3- WHO TAKES PLACE IN THE SCOPE OF THIS OBLIGATION?
The first class and the second class merchants who are compulsory to get a bill, self-employed, merchants who have commercial earnings acquired on simple earnings basis, the farmers who are obliged to keep books, tax-exempt artisans take place in the scope of this obligation.
4- WHICH PAYMENTS AND RECEIVINGS SHOULD BE DONE VIA BANK?
It is obligatory for persons taking place in the scope of this obligation to certify the amounts and the receiving in the value of more than 7.000 TL with the documents prepared by relevant institutions when they do those payments and receiving between each other and people who do not take place in the scope of this obligation.
Within this scope, for example;
–The payments and the receiving related to delivery of goods or services
–The payments and the receiving made with advance, deposit and earnest penny
-The payments and the receiving done by businesses with their own partners or/and real or legal person exceed the limit, it is obligatory to pay that amount via financial institutions and verify these amounts with documents prepared by abovementioned institutions.
5- YOU WILL NOT GET RID OF THE OBLIGATION BY PAYING IT OFF IN INSTALLMENTS!
The transaction done with the same people/institutions in the same day
If the transaction done with the same people/institutions in the same day exceed the limit in the value of 7.000 TL, even though each transaction is less than the limit, the total amount of all transactions will be taken into consideration and the amount that exceeds the limit will be paid via bank or financial institutions.
Sample: Istanbul Co. Ltd. being subject to burden of evidence purchases products from Ankara Inc. within the same day, the amounts are
2.000 TL
4.000 TL
4.500 TL
100 TL
10.600 TL – respectively.
The product purchase of Istanbul Co Ltd. being subject to authenticate from Ankara Inc. exceeds the limit in the value of 7.000 TL in total. As a result of that, it has to do the payments via the financial institutions within the scope of the obligation to submit the last two amounts and receiving.
In case of not submitting the aforesaid payments and receiving, competent authorities will impose penalty to Istanbul Co. Ltd. and Ankara Inc. separately.
6- ARE THE SHAREHOLDERS SUBJECT TO THIS OBLIGATION?
Yes. This obligation is applicable to every cash movement done between the company and the shareholders.
7- ARE THE TITLE DEED TRANSACTIONS SUBJECT TO THIS OBLIGATION?
No.
The amounts and the receiving done in Title Deeds Registry Office can be paid in cash.
8- ARE THE NOTARIAL ACTS SUBJECT TO THIS OBLIGATION?
No.
The amounts and the receiving done in Notary can be paid in cash.
9- ARE THE TRANSACTIONS IN THE EXCHANGE OFFICE SUBJECT TO THIS OBLIGATION?
No.
The amounts and the receiving concerning the transactions in the authorized exchange offices can be paid in cash.
10- HOW IS THIS OBLIGATION APPLIED TO THE INSTALLMENTS?
If the payment and the receiving exceed the limit in the value of 7.000 TL and that amount is paid by instalments, the total amount of the transaction will be taken into consideration and paid via authorized financial institutions within the scope of this obligation.
Sample: Self- employed Banu Çelik will provide services to Simge Sigorta Inc. for the next one year and receive 18.000 TL for the exchange of services. According to the agreement done between them, Simge Sigorta Inc. will pay instalments in the value of 1.500 TL. In the present case, even if this amount is paid by installments in the value of 1.500, it will not be excluded from the obligation to submit. Every payment and the receiving paid in installments should be certified via authorized financial institutions, because the total amount stated in the agreement exceeds the limit.
If they do not obey this rule, authorized institutions will impose penalty to self-employed Banu Çelik and Simge Sigorta Inc., individually.
11- WHAT IS THE PENALTY?
Ayn person who does not comply with this obligation will be subject to special irregularity penalty in the ratio of 5 % of the transaction.
(The amount of penalty for 2017 cannot be less than 1.400 TL for the first class merchants and the self-employed.)
(The first class merchants are Co. Ltd., Inc. and private companies being subject to balance sheet basis.)
12- HOW MANY TIMES WILL THE PENALTY BE IMPOSED?
Despite the obligation to pay in the bank, there will be imposed a penalty for each transaction paid in cash. Furthermore, the maximum rate of the penalty is so high. If more than one transaction is determined, you will be penalized because of each transaction separately.
Source: Tax Procedure Law
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.
