If the investment is transferred after it has partially or fully commenced operations, the reduced tax rate can be applied by the transferor up to the date of the transfer, and by the transferee after the date of the transfer, provided that they meet the conditions specified in the relevant legislation.

Source: GİB
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.

Relevant section from the VUK 555 No. Circular:

Adjustment of the balance sheet at the end of the 2023 fiscal year in cases of cessation of business, liquidation, transfer, merger, or change of legal form after the 2023 fiscal year.

ARTICLE 28-

1. According to the provisional Article 33 of the Law No. 213, it is foreseen that the balance sheet at the end of the 2023 fiscal year will be adjusted regardless of whether the conditions are met. On the other hand, the main principles related to the continuous adjustment process are included in paragraph (A) of Article 298 (repeated) of the same Law. Accordingly, subject to the realization of the conditions, taxpayers will make adjustments for the 2024 fiscal year based on the adjusted values in the balance sheet at the end of the 2023 fiscal year, which was subject to inflation adjustment, unless otherwise regulated.

2. In cases where a liquidation decision is made before the end of the 2023 fiscal year and liquidation is concluded before this date, the balance sheet at the end of the 2023 fiscal year will not be subject to adjustment. However, if the liquidation is concluded after the 2023 fiscal year, the balance sheet at the end of the 2023 fiscal year will be adjusted.

3. If the business is discontinued within the 2024 fiscal year, the balance sheet at the end of the 2023 fiscal year will be subject to inflation adjustment due to the emergence of a situation requiring the submission of a tax return for a partial period in the new fiscal year.

4. In cases of transfer, change of legal form, full division, and merger occurring after the end of the 2023 fiscal year, the entity in which the transfer, division, or merger takes place will adjust the balance sheet at the end of the 2023 fiscal year of the disappearing company or individual enterprise for inflation.

• The termination of the employment contract by the employer for reasons other than those related to the employee’s misconduct or immoral behavior,
• The termination of the employment contract by the employee due to health issues, misconduct or immoral behavior by the employer, or similar reasons such as the cessation of work at the workplace,
• Leaving the job due to military service,
• Retirement or leaving the job after fulfilling the required insurance period and number of premium days for retirement (excluding the age requirement),
• The resignation of a female employee within 1 year of her marriage,
• The death of the employee.

If any of these conditions are met, severance pay must be paid.

Source: T.C. The Ministry of Labor and Social Security
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.

It should be filed between the 1st and the 31st of the 4th month following June 30, 2024 (01-31/10/2024).

The relevant article in the Corporate Tax Law regarding the filing time is as follows:

Taxation period and declaration Article 25

1. The taxation period for corporations taxed on an annual declaration basis is the accounting period. However, for those assigned a special accounting period, the taxation period is their special accounting period.
2. In cases where taxes are paid by withholding and the beneficiaries do not file an annual or special tax return, the periods to which the withholding tax relates are considered as the taxation period.
3. For profits declared through the returns filed under Article 26 of the Law, the date of income realization is considered instead of the taxation period for tax purposes.
4. The annual corporate tax return must be submitted to the tax office where the company’s business establishment or permanent representative is located in Turkey, or if there is no business establishment or permanent representative in Turkey, to the tax office where the income earners connected to the foreign company are registered.
5. The return must be submitted between the first day and the evening of the twenty-fifth day of the fourth month following the month in which the accounting period ends, or within fifteen days before the taxpayer leaves Turkey if they are leaving the country.
6. The form, content, and annexes of the returns are determined by the Ministry of Finance. Taxpayers are required to file their returns in accordance with these forms or declare the information in these forms.

Special declaration time for incomes Article 26

1. In cases where the taxable income of foreign corporations subject to limited tax liability consists of other incomes and revenues stated in the Income Tax Law (except for the payments received in return for the sale, transfer, or assignment of copyrights, privileges, patents, business names, trademarks, and similar intangible rights), the foreign corporation or its representative in Turkey is required to declare these incomes within fifteen days from the date of income realization to the tax office specified in Article 27 of the Law.
2. Excluding the provisions regarding exchange rate gains arising during the disposal of securities and participation shares obtained in return for cash or in-kind capital brought into Turkey, the limitations regarding the exceptions, conditions, and periods related to non-taxation in the Income Tax Law are not considered.

Place of filing the return Article 27

1. The corporate tax return related to the incomes for which a special declaration time is assigned shall be filed at the tax office: a. In the location where the real estate is situated for gains and revenues arising from the disposal of real estate; b. In the location where movable property and rights are disposed of in Turkey for gains and revenues arising from their disposal; c. In the location where the commercial or agricultural business is situated for gains and revenues obtained in return for the cessation or abandonment of its activities; d. In the location where the activity is carried out for gains obtained from incidental commercial transactions or brokerage in such transactions, as well as from incidental self-employment activities; e. In the location where the passenger or cargo is taken on board for gains obtained from incidental transportation activities between Turkey and foreign countries; f. In the location where the payment is made in Turkey for other gains and revenues related to abandoned businesses, including the collection of bad debts written off and provisioned doubtful receivables, as well as for gains obtained without ever engaging in commercial, agricultural, or professional activities or participating in auctions, tenders, or discounts; g. In other cases, at the tax office determined by the Ministry of Finance.

The addressee of taxation, time of taxation, and place of taxation Article 28

1. The tax of foreign corporations subject to limited tax liability is assessed in the name of their manager or representative in Turkey; if there is no manager or representative, it is assessed in the name of those providing the income and revenues to the foreign corporation.
2. Corporate tax is assessed on the day the return is submitted to the tax office; if the return is sent by mail, it is assessed within three days following the date the return reaches the tax office.”

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.

Legally, there is no such obligation.

If the new employer accepts it, the total tax base can be taken into account as the starting value at the new workplace.

According to the conditions in Article 86 of the Turkish Income Tax Law, an annual Income Tax return may or may not be required.

For more information on this topic, please refer to Income Tax Law Communiqué No. 311.

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.

Rediscounting can be applied to checks.

The rediscount calculation formula is as follows:

Rediscount Amount = (Nominal Value x Interest Rate x Number of Days) / (36,000 + (Interest Rate x Number of Days))

Example Calculation:

Check Maturity Date: 31.12.2024

Rediscount Calculation Date: 30.06.2024

Number of Days: 184 Days

Amount on the Check: 100,000 TL

Rediscount Rate: 50.75%

Rediscount Amount: 20,596.41 TL

Present Value: 79,403.59 TL

-Example of an Accounting Entry Dated 30 June 2024:

_______________ 30.06.2024 _______________

657 REDISCOUNT INTEREST EXPENSES 20,596.41 TL

122 NOTES RECEIVABLE REDISCOUNT 20,596.41 TL

_______________ 30.06.2024 _______________

-Reversal entry on 1 July 2024:

_______________ 01.07.2024 _______________

122 NOTES RECEIVABLE REDISCOUNT 20,596.41 TL

646 REDISCOUNT INTEREST INCOME 20,596.41 TL

_______________ 00.00.0000 _______________

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.

It cannot be written.

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.