goods – Muhasebe News https://www.muhasebenews.com Muhasebe News Fri, 06 Mar 2020 06:25:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.5 Energy prices in Turkey rose by 1.11% in January 2020 https://www.muhasebenews.com/en/energy-prices-in-turkey-rose-by-1-11-in-january-2020/ https://www.muhasebenews.com/en/energy-prices-in-turkey-rose-by-1-11-in-january-2020/#respond Fri, 06 Mar 2020 08:00:24 +0000 https://www.muhasebenews.com/?p=79124 Energy prices in Turkey rose by 1.11% in January 2020

According to the news published by Central Bank of Republic of Turkey, in January, consumer prices rose by 1.35%, while annual inflation was up by 0.31 points to 12.15%. Meanwhile, the annual rate of change in the B and C indices rose by 0.17 and 0.07 points to 10.93% and 9.88%, respectively.

Across subcategories, the contribution of energy, gold and services groups to annual consumer inflation increased month-on-month by 0.66, 0.06, 0.05 points, respectively, while that of food, core goods and alcohol-tobacco groups decreased by 0.34, 0.07 and 0.05 points, respectively.

Three-month averages of seasonally adjusted core inflation indicators suggest a somewhat rise in the trend of the B and C indices. In this period, the trend of the services group posted an uptick, whereas that of the core goods group decreased amid the VAT reduction in furniture products. The upward trend of the B index was also triggered by developments in processed food prices.

In January, services prices increased by 2.00% and annual services inflation inched down to 12.20%. In this period, annual inflation declined in rents, transport services and communication but crept up in restaurants-hotels and remained relatively flat in other services. Monthly price developments reveal that an upsurge in prices was seen in items of the other services group that are inclined to backward-indexation, reflect the exchange rate effect, and the prices of which are set according to the re-valuation rate. This period was especially marked by price developments in subcategories such as health, maintenance and repair, and education. In the restaurants-hotels group, prices increased both in accommodation and catering services. Showing backward-indexation behavior, the rent group posted a monthly increase of 1.14%, with a stronger trend than past months.

Annual core goods inflation decreased by 0.13 points to 7.35% in January. In this period, annual inflation dropped in durable goods, rose in clothing and durable goods and remained flat in other core goods. The VAT reduction in furniture products (to 8% from 18%) was largely manifest in prices, pulling down the prices of durable goods by 0.94%. Meanwhile, the seasonal sale in the clothing and footwear group proved more limited compared to the previous year.

Energy prices rose by 1.11% in January. This rise was mainly due to the price hike of 5.97% in municipal water tariffs. Notwithstanding the fall in international oil prices, fuel prices increased by 0.55% due to exchange rate developments. Annual energy inflation rose by 6.16 points to 17.14% due to the low base effect led by the reduced prices in electricity, natural gas and municipal water in the same period of the previous year.

Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/69673969-4337-4dfc-8780-90bde7aff242/mpricejanuary20.pdf?MOD=AJPERES
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.

]]> https://www.muhasebenews.com/en/energy-prices-in-turkey-rose-by-1-11-in-january-2020/feed/ 0 Railways’ share in trade on the rise in Turkey https://www.muhasebenews.com/en/railways-share-in-trade-on-the-rise-in-turkey/ https://www.muhasebenews.com/en/railways-share-in-trade-on-the-rise-in-turkey/#respond Thu, 06 Feb 2020 10:00:42 +0000 https://www.muhasebenews.com/?p=77071 Railways’ share in trade on the rise in Turkey

According to the news of Hürriyet Daily News, Turkey’s railways’ share in the shipment of exported goods is on the rise, data compiled by state-run Anadolu Agency showed.

The value of deliveries made by the country’s railway network soared 33 percent in 2019 from the previous year to stand at $967 million.

The government’s export master plan and logistics master plan target to boost the railways’ share in the country’s trade activities.

Data from the Turkish Statistics Institute (TÜİK) showed that the country’s overall exports grew more than 2 percent last year compared with 2018, climbing to $180.7 billion.

Last year, sea transport accounted for around 62 percent of all goods delivered to foreign markets.

The share of road transport for exports was 28.4 percent while air transport captured another 8.4 percent, according to official statistics.

The value of goods exported via sea stood at as much as $106 billion in 2019, pointing to a 0.5 percent increase from the previous year, while exports by road exhibited a 4.2 percent annual increase to stand at $48.6 billion.

Last year, the country’s imports dropped some 9 percent from 2018 to $202.7 billion.

Sea transport’s share in imports was 54.2 percent, while the corresponding figures for road transport, air transport and railways were 16.4 percent, 14.2 percent and 0.7 percent, respectively.

In 2019, a total of $109.8 billion worth of goods were brought in from other markets via ships, which translated into a 17 percent decline on an annual basis.

The value of goods the country imported through road also showed a 6 percent drop to $33.2 billion.

Imports by railway and air, on the other hand, increased by 15.8 percent and 1.2 percent to $1.4 billion and $28.8 billion, respectively.

In January this year, sea transport again captured the largest share in exports with 61.2 percent (or $9 billion), followed by road with 30.1 percent ($4.44 billion) and air transport with 7.1 percent ($1 billion), according to data from the Trade Ministry.

Railways’ share was less than one percent in the first month of 2020, the ministry said.

The country’s exports climbed 6.1 percent on an annual basis to $14.77 billion in January, while imports rose by 19 percent to $19.2 billion.

Turkey targets to boost its exports to $190 billion this year. Export targets for 2021 and 2022 are $202 billion and $213 billion, respectively.

Source: Hürriyet Daily News / link: https://www.hurriyetdailynews.com/railways-share-in-trade-on-the-rise-151782
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.

]]> https://www.muhasebenews.com/en/railways-share-in-trade-on-the-rise-in-turkey/feed/ 0 Can we sell our export-listed goods to a domestic intermediary firm? https://www.muhasebenews.com/en/can-we-sell-our-export-listed-goods-to-a-domestic-intermediary-firm/ https://www.muhasebenews.com/en/can-we-sell-our-export-listed-goods-to-a-domestic-intermediary-firm/#respond Mon, 15 Apr 2019 15:18:10 +0000 https://www.muhasebenews.com/?p=54700 Is it possible for our taxpayer to buy an export-listed product from a manufacturer and to also sell the export-listed product to an export company?
In other words, is it possible to sell the export-listed product to an intermediary rather than an export company?

 

Taxpayer who buys export-listed goods has to export himself. The method you described is not applicable.

 

 

 

Source: İSMMMO
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.

]]> https://www.muhasebenews.com/en/can-we-sell-our-export-listed-goods-to-a-domestic-intermediary-firm/feed/ 0 Is VAT applied on the invoice prepared while delivering goods to a foreign company? https://www.muhasebenews.com/en/is-vat-applied-on-the-invoice-prepared-while-delivering-goods-to-a-foreign-company/ https://www.muhasebenews.com/en/is-vat-applied-on-the-invoice-prepared-while-delivering-goods-to-a-foreign-company/#respond Mon, 08 Apr 2019 14:00:03 +0000 https://www.muhasebenews.com/?p=53997  A retail company will deliver the goods in Turkey  and issue the invoice for the foreign company.  Are there any special cases for the preparation of the invoice according to VAT Law or Tax Procedure Law? Or is it possible to deliver the goods by preparing a regular invoice?

VAT is applied on the invoice as it is prepared in Turkey.

 

 

 

Source: İSMMMO
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.

]]> https://www.muhasebenews.com/en/is-vat-applied-on-the-invoice-prepared-while-delivering-goods-to-a-foreign-company/feed/ 0 Should we include the spendings made until the storage of the goods to the cost account? https://www.muhasebenews.com/en/should-we-include-the-spendings-made-until-the-storage-of-the-goods-to-the-cost-account/ https://www.muhasebenews.com/en/should-we-include-the-spendings-made-until-the-storage-of-the-goods-to-the-cost-account/#respond Tue, 26 Feb 2019 13:33:54 +0000 https://www.muhasebenews.com/?p=48407 There are additional payments for the commercial goods we bought, such as the loading, shipping, discharge, insurance of these goods.
Should we include these payments in the cost of these goods?

 

In accordance with Article 274 of Law on Tax Procedure, the goods will increase in value through the cost price. According to this Provision, the transportation expenses for the goods (to the workplace/ storage/store) must be included in the costs of the goods.

 

 

 

 

 

Source: İSMMMO
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.

]]> https://www.muhasebenews.com/en/should-we-include-the-spendings-made-until-the-storage-of-the-goods-to-the-cost-account/feed/ 0 Is it possible for companies that transport goods locally to declare the VAT return quarterly? https://www.muhasebenews.com/en/is-it-possible-for-companies-that-transport-goods-locally-to-declare-the-vat-return-quarterly/ https://www.muhasebenews.com/en/is-it-possible-for-companies-that-transport-goods-locally-to-declare-the-vat-return-quarterly/#respond Mon, 07 Jan 2019 12:30:08 +0000 https://www.muhasebenews.com/?p=43502 Is it possible for a company that transports goods locally and internationally and that keeps books on the basis of balance to declare the VAT return quarterly?

Taxation period is on trimester basis for taxpayers who are

-exclusively transport goods and passangers internationally,

-exclusively transport goods between cities,

-exclusively transport goods and passangers internationally while transporting goods between cities,

-exclusively transport goods locally,

and who also pay tax on real taxation system as well as keep books by means of operation account method.

 

 

 

Source: İSMMMO
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.

]]> https://www.muhasebenews.com/en/is-it-possible-for-companies-that-transport-goods-locally-to-declare-the-vat-return-quarterly/feed/ 0 Communiqué on Default Interest Ratio Determination of Late Payments Made to Creditors for Provision of Goods and Services https://www.muhasebenews.com/en/communique-on-default-interest-ratio-determination-of-late-payments-made-to-creditors-for-provision-of-goods-and-services/ https://www.muhasebenews.com/en/communique-on-default-interest-ratio-determination-of-late-payments-made-to-creditors-for-provision-of-goods-and-services/#respond Wed, 02 Jan 2019 13:04:50 +0000 https://www.muhasebenews.com/?p=43165 In accordance with paragraph  seven of article 1530 of Turkish Commercial Code numbered 6102 and dated 13.01.2011, the interest ratio is determined as  21,25 percent yearly and minimum compensation amount for collection cost as TRY 245,00 by Central Bank of the Republic of Turkey when default interest ratio for late payments to creditor during commercial transactions for goods and services is not foreseen in the contract and the related provisions are invalid.

 

The determined ratio and amount enters into force on  the date of issue and takes effect as of 01.01.2019.

 

 

Source: İSMMMO
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.

]]> https://www.muhasebenews.com/en/communique-on-default-interest-ratio-determination-of-late-payments-made-to-creditors-for-provision-of-goods-and-services/feed/ 0 We paid VAT for the goods that are exported without returns for a fair. Can we take the VAT back when we send the goods back? https://www.muhasebenews.com/en/we-paid-vat-for-the-goods-that-are-exported-without-returns-for-a-fair-can-we-take-the-vat-back-when-we-send-the-goods-back/ https://www.muhasebenews.com/en/we-paid-vat-for-the-goods-that-are-exported-without-returns-for-a-fair-can-we-take-the-vat-back-when-we-send-the-goods-back/#respond Tue, 25 Dec 2018 10:00:48 +0000 https://www.muhasebenews.com/?p=42366 Some goods came from abroad without charge and they were exhibited at our fair by being nationalized. I took the goods in our stocks.

1-Export Advance – 159 Income from Costless Goods – 679

2- Export Declaration – 153 Taking Export Advance in stocks – 159

The goods were sent back to the foreign company as they were not sold. We made export without returns and drafted no charge invoice.

My question is; How will the System of Records work? The VAT in the amount of TRY 1.265,43 which had been paid in October was deducted when we received the export without returns. Are we going to pay this VAT in the export period as a supertax?
 (20.12.2018)

 

The good was exported even without charge VAT exemption is applied for the export.

 

 

 

Source: İSMMMO
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.

]]> https://www.muhasebenews.com/en/we-paid-vat-for-the-goods-that-are-exported-without-returns-for-a-fair-can-we-take-the-vat-back-when-we-send-the-goods-back/feed/ 0 What steps to follow if the exports which are not accepted by the buyer are not returned physically? https://www.muhasebenews.com/en/what-steps-to-follow-if-the-exports-which-are-not-accepted-by-the-buyer-are-not-returned-physically/ https://www.muhasebenews.com/en/what-steps-to-follow-if-the-exports-which-are-not-accepted-by-the-buyer-are-not-returned-physically/#respond Wed, 19 Dec 2018 15:30:25 +0000 https://www.muhasebenews.com/?p=42005 There is an export company selling mines. During the delivery, some goods were not accepted by the receiver but they also can not be returned. What kind of a document the receiver can draft to reduce its debt to us, which would also reduce our receivables?
(18.12.2018)

There is nothing to do for the goods that are not returned. There should be a legal transaction for the export price.

 

Source: İSMMMO
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.

 

]]> https://www.muhasebenews.com/en/what-steps-to-follow-if-the-exports-which-are-not-accepted-by-the-buyer-are-not-returned-physically/feed/ 0 The ones subject to the partial vat cut on 5/10 rate https://www.muhasebenews.com/en/the-ones-subject-to-the-partial-vat-cut-on-5-10-rate/ https://www.muhasebenews.com/en/the-ones-subject-to-the-partial-vat-cut-on-5-10-rate/#respond Tue, 29 May 2018 08:50:44 +0000 https://www.muhasebenews.com/?p=29596 The ones subject to the partial vat cut on 5/10 rate
Vat deduction is practiced to the vat tax payers by administrations and institutions according to the relevant law number 5018, on 5/10 rate.

Delivery of metal bars

The ones practicing cut and cut rate
According to vat general communique (I/C-2.1.3.1/a and b), part (I/C-2.1.3.3.1.2.), vat deduction is practiced on the delivery of metal bars on the rate of (5/10) [9].

Vat deduction is not practiced when the delivery of copper, zinc, aluminum except for the scrap metals, by the importers and primary producers if they pass into other hands, vat deduction is practiced. Vat deduction is also practiced when the delivery of scrap metals is carried out by the importers or primary producers.

On the delivery of the goods by the importers, the explanation of “since this good is supplied by means of direct importation, deduction is not practiced” and the information of invoice and customs declaration are written on the invoice issued by the importers.

The ones making ore production carry out the transactions without having vat deduction practice by making an explanation of “since it is produced by means of ore, deduction is not practiced” on the invoice they issue.

Scope
Goods composed of all types of scrap metals and copper, zinc, aluminum bars are in the scope of stoppage.

The delivery of slab, billet and ingot are also considered to be the metal bars in regard to this implementation.

Without considering practicing deduction on the buying of above mentioned metals and involving silicon, magnesium, manganese, nickel and titanium, there will be no deduction on the selling of copper, zinc, aluminum.

 

Source: VAT Legislation
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.

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