Muhasebe News

Do I need to be a manufacturer to make free zone sales within Türkiye?

MuhasebeNews — Sat, 20 Jan 2024 20:30:52 +0000

Do I have to be a manufacturer to be able to invoice the free zone in Türkiye? Can those who buy and sell also issue invoices? Do we need a capacity report to issue invoices?

There is no obligation to be a manufacturer. Any taxpayer can sell goods and services to the free zone from Türkiye.

In order to issue an export registered sales invoice, it is necessary to be a manufacturer and have a capacity report and industrial registry certificate.

Source:
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.

Are sales made from the Free Zone in Türkiye counted as exports?

MuhasebeNews — Sat, 20 Jan 2024 20:27:16 +0000

Can we benefit from the deduction in Article 32/8 of the Corporate Tax Law for the profits obtained from the sales of goods abroad and subcontracting work from the Free Zone in Türkiye? Or should the export be made abroad?

32/8 of the Turkish Corporate Tax Law (KVK). The article is about manufacturers. KVK 32/7. KV in the article (related to Export) is paid with a 5% discount (20%). Sales in the free zone are subject to export.

Can the bar association fees of the lawyers on the payroll of a self-employed lawyer be written off as expense?

MuhasebeNews — Sat, 20 Jan 2024 06:18:27 +0000

Can the bar association fees paid by lawyers for the lawyers they employ be written off as expenses?

It cannot be written.

Will the e-Archive Invoice issued by mistake after the objection and correction period have passed be recorded?

MuhasebeNews — Fri, 19 Jan 2024 21:09:45 +0000

We noticed that e-Archive was issued to e-Invoice taxpayer about 1 month ago. The other party cannot cancel this invoice. Will there be a problem for the accounting office to record this invoice?

The invoice is recorded. If this situation is detected in the future, VUK 353/1. Special irregularity penalties are applied according to the article.

RELATED CONTENT

Sales invoices that are issued incorrectly and cannot be canceled should not be recorded and should be kept for 5 years to be presented upon request.

Although the relevant invoice has been successfully transmitted on the e-Invoice system, the invoices that are considered to have been issued even though there is no actual purchase of goods or services are not required to be recorded in the legal book records by the addressee. It is also possible to correct accounting records. As substantiating information and documents of the correction records in question, information and documents regarding the systemic or external objections made by the addressee will be kept together with the accounting records to be presented to the relevant parties and will be submitted when requested.

Germany’s Industrial Production in August 2023: -0.2% Monthly Decline and -2.0% Year-on-Year, Varied Impact Across Sectors

MuhasebeNews — Thu, 12 Oct 2023 10:44:27 +0000

Production in industry
August 2023 (in real terms, provisional):
-0.2% on the previous month (seasonally and calendar adjusted)
-2.0% on the same month a year earlier (calendar adjusted)

July 2023 (in real terms, revised):
-0.6% on the previous month (seasonally and calendar adjusted)
-1.7% on the same month a year earlier (calendar adjusted)

Production in industry in real terms (price adjusted) was down 0.2% in August 2023 month on month after seasonal and calendar adjustment, according to provisional data provided by the Federal Statistical Office (Destatis). The less volatile three-month on three-month comparison showed that production was 1.9% lower in the period from June to August 2023 than in the previous three months. After revision of the provisional data, production in July 2023 decreased by 0.6% compared with the previous month (provisional figure: -0.8%).

Different developments can be observed in the economic sectors of industry. A drop in production in construction (-2.4% on the previous month, seasonally and calendar adjusted) and in energy production (-6.6%) had a negative impact on overall performance in August 2023. The decline observed in the manufacture of machinery and equipment by 2.3% was also an important contributor to the overall result. By contrast, the growth in production in the automotive industry (+7.6%) had a positive impact on overall performance. This follows a decline of 9.4% in this sector in July 2023.

In August 2023, production in industry excluding energy and construction was up 0.5% from July 2023 after seasonal and calendar adjustment. The production of capital goods rose by 1.3% and that of intermediate goods by 0.5%. The production of consumer goods declined by 1.4%.

Compared with August 2022, production in industry was down 2.0% in August 2023 after adjustment for calendar effects. Production in industry excluding energy and construction decreased by 0.7% over the same period.

Source: DESTAIS
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.

Serbia’s inflation rate drops to a 17-month low

MuhasebeNews — Thu, 12 Oct 2023 10:42:18 +0000

Prices of goods and services used for personal consumption in September 2023 in relation to August 2023 increased by 0.3%, on average. Consumer prices in September 2023 increased by 10.2% in relation to September 2022. Consumer prices in September 2023 in relation to December 2022 increased by 6.7%, on average.

Observed by main groups according to the destination of consumption, in September 2023 in relation to the previous month, increase of prices was noted in the groups Transport (1.8%), Restaurants and hotels (0.9%), Health and Furnishing, household equipment and routine household maintenance (by 0.5% each), Housing, water, electricity, gas and other fuels (0.4%) and in the groups Food and non-alcoholic beverages and Alcoholic beverages and tobacco (by 0.2% each). Decrease of prices was noted in the groups Recreation and culture (-2.9%) and Communication (-0.1%).

Source: Statistics Serbia
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.

China’s September Car Sales Surge Over 2 Million, Energy Vehicle Sales Up 22.1%, Prompting EU Investigation into Chinese EV Industry

MuhasebeNews — Thu, 12 Oct 2023 10:39:17 +0000

Prior to the holidays, China’s car sales climbed in September and reached over 2 million, according to figures made public by the China Passenger Car Association.

From a year ago, auto sales increased by about 5.0 percent in September. At the same time, sales of energy vehicles increased by 22.1% over the previous year to 746,000 units.

The association reported that in the first nine months of the year, energy passenger car sales experienced a significant yearly growth of 33.8 percent.

The CPCA saw that customers chose to purchase new automobiles rather than make house investments during the slump in the real estate industry.

According to figures, passenger automobile exports increased 50% year over year in September.

Data were released after Brussels formally opened an inquiry into the Chinese electric vehicle industry. The EU expressed concern that Chinese electric vehicle producers’ subsidies endanger the already precarious position of EU automakers.

China referred to the investigation as a protectionism move and warned that it would slow down the supply chain.

Source: RTT NEWS
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.

Unemployment rate rose in 15 OECD countries in July 2023, including Denmark, Lithuania, and Austria

MuhasebeNews — Thu, 21 Sep 2023 07:20:34 +0000

The OECD unemployment rate was broadly stable at 4.8% in July 2023, remaining below 5.0% for over a year. The unemployment rate rose in 15 OECD countries in July 2023, including Denmark, Lithuania, and Austria, was unchanged in 9 and declined in 9. Unemployment was at or close to its record low in only five countries in July, including Germany and the United States (Figure 2). The number of unemployed persons in the OECD increased to 32.9 million in July but remained close to its minimum reached in April 2023.

In July 2023, the OECD youth unemployment rate (workers aged 15-24) edged up to 10.5%, from 10.3% in June. It rose in 14 OECD countries, with the largest increases observed in Finland, Austria, Denmark, Israel, Mexico, and the United States. The unemployment rates for women and men, as well as for workers aged 25 and above were broadly stable.

In the European Union and the euro area, the unemployment rate remained at record lows of 5.9% and 6.4%, respectively. It was stable or increased in all euro area countries except Greece, Slovenia, Belgium, Ireland, and Spain. The unemployment rate remained well above its record low in Estonia, Greece, Luxembourg, and Spain.

Outside Europe, the unemployment rate rose slightly in Mexico, Australia, Japan, Korea, and Canada. By contrast, it declined in Türkiye, Israel, and the United States. More recent data show that the unemployment rate remained stable in Canada at 5.0% in August and picked up in the United States to 3.8% from 3.5% in July 2023.

Source: OECD
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.

Türkiye’s CPI rose to 71.5 in September, up 5.1%

MuhasebeNews — Thu, 21 Sep 2023 07:13:20 +0000

Consumer Confidence Index in Türkiye, September 2023

Consumer confidence index realized as 71.5

Consumer confidence index, calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Türkiye, which was 68.0 in August increased by 5.1% in September to 71.5.

Consumer confidence index, sub-indices and rate of changes, September 2023

	Index		Percentage change over the previous month (%)
	August	September	August	September
Consumer confidence index	68.0	71.5	-15.1	5.1
Financial situation of household at present	56.2	56.2	-12.9	0.1
Financial situation expectation of household over the next 12 months	63.7	68.9	-19.6	8.1
General economic situation expectation over the next 12 months	63.1	68.0	-23.2	7.8
Assesment on spending money on durable goods over the next 12 months	89.0	92.7	-5.7	4.2

The next release on this subject will be on October 23, 2023.
___________________________________________________________________________________________________

EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa. The increase in number of people unemployed expectation index indicates decrease of number of people unemployed expectation, whereas decrease indicates increase of number of people unemployed expectation.

No seasonal effect has been determined in the sub-indices used in the calculation of the consumer confidence index since January 2023. Detailed information on this subject is submitted in the metadata section.

Source: TurkStat
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.

Japanese Imports Fall by the Most in Three Years

MuhasebeNews — Wed, 20 Sep 2023 09:55:14 +0000

Compared to market expectations of a 19.4% decline and following a 13.6% decline in July, imports into Japan decreased 17.8% year over year to JPY 8,924.82 billion in August 2023. As a result of rising energy prices and a strong yen, this was the fifth consecutive month of declines at the fastest rate since August 2020. with purchases of mineral fuels falling 36.6%, primarily LNG (-43.1%) and petroleum (-25.5%). Additionally, due to the decline in semiconductor and integrated circuit prices, imports of electrical machinery decreased by 6.3%, while those of other goods declined by 0.3%. Additionally, due to medical products (-14.7%), purchases of chemicals decreased by 14.4%. Non-ferrous metals (-20.0%) weighed heavily on imports of manufactured goods, which fell 16.9%, while raw material imports fell 21.7%. On the other hand, purchases of transportation equipment increased 14.3%, driven primarily by cars.

Source: Trading News
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.