income – Muhasebe News

People at risk of poverty in the EU: 38% of income for housing

MuhasebeNews — Fri, 17 Feb 2023 07:51:03 +0000

Housing costs may represent a potential overburden, especially for people at-risk-of poverty (those living below the poverty threshold set at 60% of the national median equivalised disposable income).

In 2021, the share of housing costs in disposable income was on average 19% in the EU, while specifically for people at-risk-of poverty that share stood at 38%.

At the national level, for both the general population and people at-risk-of poverty, the highest shares of housing costs in disposable income were recorded in Greece (34% and 60% respectively), Denmark (26%; 57%) and the Netherlands (24%; 48%), while the lowest were in Malta (9%; 18%), Cyprus (11%; 19%), and Lithuania (12%; 24%).

This indicator also includes the shares of disposable income for people living above the poverty threshold (above 60% of the median income in the EU). Click on the image above to visit the interactive publication and then on the dropdown menu featuring ‘total’ and you will see other available options. This indicator is part of the Housing in Europe – 2022 interactive edition, which has been updated recently. Visit this publication and get to know more about housing in Europe, including details on the construction sector, quality of housing and environmental impact.

Source: Eurostat
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.

OECD: How’s Life in Turkey?

MuhasebeNews — Mon, 06 Apr 2020 13:00:08 +0000

Source: OECD Database – Link: http://www.oecd.org/turkey/
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.

Tourism income in Turkey increased by 20.6%

MuhasebeNews — Fri, 31 Jan 2020 11:05:16 +0000

Tourism Statistics, Quarter IV: October-December and Annual, 2019 in Turkey

Tourism income increased by 20.6%

In the fourth quarter which is October, November and December months of 2019 tourism income increased by 20.6% and reached to $ 7 billion 885 million 568 thousand. While 83.3% of this income (excluding GSM roaming and marina service expenditures) was obtained from foreign visitors, 16.7% was obtained from citizens resident abroad.Visitors organise their travel individually or with package tour. While individual expenditures constituted $ 5 billion 804 million 853 thousand of the total tourism income, $ 2 billion 80 million 715 thousand of tourism income was obtained by package tour expenditures.

Tourism income in 2019 increased by 17.0% and reached to $ 34 billion 520 million 332 thousand compared to the previous year. While individual expenditures constituted $ 25 billion 355 million 577 thousand of the total tourism income, $ 9 billion 164 million 755 thousand of tourism income was obtained by package tour expenditures.

Tourism income and number of visitors, Quarter IV: October-December, 2019

Tourism income by type of visitor, Quarter IV, 2019 – Average expenditure per capita, Quarter IV, 2019

In this quarter, according to rate of change of expenditures compared to same quarter of the previous year, the highest increases were in package tour (share of Turkey) and tour services expenditures. In this year the highest annual increases were in package tour (share of Turkey) and health expenditures.

Rate of change of expenditure types over the same period of the previous year (%), Annual and Quarter IV, 2019

Average expenditures per capita of visitors from selected countries ($), Annual and Quarter IV, 2019

Average expenditure per night was $ 62

In this quarter while average expenditure per night of the foreigners who stayed overnight was $ 73, average expenditure per night of Turkish citizens resident abroad was $ 35.

In this year, while average expenditure per night for total overnight visitors was $ 68, the average expenditure per night of foreigners was $ 73, average expenditure per night of Turkish citizens resident abroad was $ 50.

Number of departing visitors increased by 12.3%

In this quarter number of departing visitors increased by 12.3% compared to same quarter of previous year and reached to 10 million 841 thousand 340 persons. While 85.9% of visitors was foreign with 9 million 315 thousand 240 persons, 14.1% of them was Turkish citizens resident abroad with 1 million 526 thousand 100 persons.

In this year, number of departing visitors increased by 13.7% compared to the previous year and reached to 51 million 860 thousand 42. While 86.2% of visitors was foreign with 44 million 712 thousand 970 persons, 13.8% of them was Turkish citizens resident abroad with 7 million 147 thousand 72 persons.

In this quarter, foreign visitors visited Turkey mostly for “travel, entertainment, sportive and cultural activities” with 72.4%

The secondary purpose of visit was “visiting relatives and friends” with 13.6% and the third was “shopping” with 4.6%. Turkish citizens resident abroad visited mostly for “visiting relatives and friends” with 65.6%.

Departing visitors by purpose of visit (%)*, Quarter IV, 2019

(*): Ratios calculated by excluding the number of accompanying visitors.

In this year, while foreign visitors visited Turkey mostly for “travel, entertainment, sportive and cultural activities” with 73.6%, Turkish citizens resident abroad visited mostly for “visiting relatives and friends” with 61.7%.

Departing visitors by purpose of visit (%)*, 2019

(*): Ratios calculated by excluding the number of accompanying visitors.

Tourism expenditure increased by 6.9%

Tourism expenditure which is the expenditure of the Turkish citizens resident in Turkey and visited abroad, increased by 6.9% compared to same quarter of previous year and reached to $ 1 billion 23 million 457 thousand. While $ 908 million 897 thousand of total expenditures was individual expenditures, $ 114 million 560 thousand of tourism expenditures was package tour expenditures.

In this year, tourism expenditure decreased by 10.1% compared to previous year and declined to $ 4 billion 403 million 670 thousand. While $ 3 billion 668 million 879 thousand of total expenditures was individual expenditures, $ 734 million 791 thousand of tourism expenditures was package tour expenditures.

Tourism expenditure and number of Turkish citizens visited abroad, Quarter IV: October-December, 2019

Number of Turkish citizens visited abroad increased by 20.8%

In this quarter number of Turkish citizens visited abroad increased by 20.8% compared to same quarter of previous year and reached to 2 million 238 thousand 810. Average expenditure was $ 457 per capita.

In this year, number of Turkish citizens visited abroad increased by 15.1% compared to previous year and reached to 9 million 650 thousand 512. Average expenditure was $ 456 per capita.

Tourism expenditure and number of citizens, 2019 – Average expenditure per capita, Quarter IV, 2019

The next release on this subject will be on April 30, 2020.

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.

Can outstanding provisional tax returns be deducted from the income tax return?

MuhasebeNews — Thu, 16 Jan 2020 12:00:58 +0000

Can outstanding provisional tax returns be deducted from the income tax return?

The accrued but unpaid provisional tax cannot be set off from the annual income tax return. The accrued provisional tax must be paid for offsetting.

Source: defterbeyan.gov.tr
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.

When we transfer the revenue obtained from our companies abroad to Turkey, how do our partners or company tax this revenue?

MuhasebeNews — Thu, 16 Jan 2020 11:00:06 +0000

When we transfer the revenue obtained from our companies abroad to Turkey, how do our partners or company tax this revenue?

What will be the profit taxation rate, when the revenue obtained from our company located in the UK, and the relevant amount is transferred to the accounts of the company or person in Turkey?

The tax is calculated by combining with incomes in Turkey for the revenues and incomes obtained from companies or entities in Turkey. Taxes paid abroad, if any, are deducted from the calculated taxes. 15% income tax withholding is applied in profit distribution.

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.

How’s Life in Turkey? – OECD

MuhasebeNews — Thu, 26 Dec 2019 11:00:05 +0000

How’s Life in Turkey? – OECD

According to data published by Organization for Economic Co-Operation and Development (OECD), Turkey has made considerable progress in improving the quality of life of its citizens over the last two decades. Notwithstanding, Turkey performs well in only a few measures of well-being relative to most other countries in the Better Life Index. Turkey ranks above the average in civic engagement. It ranks below average in income and wealth, health status, social connections, education and skills, jobs and earnings, subjective well-being, environmental quality, work-life balance, housing and personal security. These rankings are based on available selected data.

Money, while it cannot buy happiness, is an important means to achieving higher living standards. In Turkey, the average household net-adjusted disposable income per capita is lower than the OECD average of USD 33 604 a year.

In terms of employment, 52% of people aged 15 to 64 in Turkey have a paid job, below the OECD employment average of 68%, and one of the lowest figures in the OECD. Some 71% of men are in paid work, compared with 32% of women. In Turkey, 33% of employees work very long hours, the highest rate in the OECD where the average is 11%. About 36% of men work very long hours compared with 25% of women.

Good education and skills are important requisites for finding a job. In Turkey, 39% of adults aged 25-64 have completed upper secondary education, much lower than the OECD average of 78% and one of the lowest rates among OECD countries. This is truer of men than women, as 43% of men have successfully completed high-school compared with 35% of women. In terms of the quality of the educational system, the average student scored 425 in reading literacy, maths and science in the OECD’s Programme for International Student Assessment (PISA), lower than the OECD average of 486. On average in Turkey, girls outperformed boys by 9 points, more than the average OECD gap of 2 points.

In terms of health, life expectancy at birth in Turkey is 78 years, two years lower than the OECD average of 80 years. Life expectancy for women is 81 years, compared with 75 for men. The level of atmospheric PM2.5 – tiny air pollutant particles small enough to enter and cause damage to the lungs – is 20.0 micrograms per cubic meter, much higher than the OECD average of 13.9 micrograms per cubic meter. Turkey also performs below the OECD average in terms of water quality, as only 65% of people say they are satisfied with the quality of their water, below the OECD average of 81%, and the lowest rate in the OECD.

Concerning the public sphere, there is a moderate sense of community and high levels of civic participation in Turkey, where 86% of people believe that they know someone they could rely on in time of need, less than the OECD average of 89%. Voter turnout, a measure of citizens’ participation in the political process, was 86% during recent elections. This figure is higher than the OECD average of 68% and reflects the practice of compulsory voting in Turkey. Voter turnout for the top 20% of the population is an estimated 89% and for the bottom 20% it is an estimated 84%, a much narrower gap than the OECD average gap of 13 percentage points, and suggests there is broad social inclusion in Turkey’s democratic institutions.

In general, Turks are less satisfied with their lives than the OECD average. When asked to rate their general satisfaction with life on a scale from 0 to 10, Turkish people gave it a 5.5 grade on average, much lower than the OECD average of 6.5.

Source: Organization for Economic Co-Operation and Development (OECD) / link: http://www.oecdbetterlifeindex.org/countries/turkey/
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.

Do we have to declare our wage from a single employer?

MuhasebeNews — Fri, 17 May 2019 14:36:37 +0000

Do we have to declare our wage from a single employer?

The annual declaration shall not be given for the wage income from a single employer and taxed by deduction, no matter the amount.

Such incomes shall not be included in the declarations of other incomes.

Am I supposed to submit annual income statement for my income from a single employer in Turkey?

MuhasebeNews — Sat, 30 Mar 2019 08:00:01 +0000

A taxpayer who has business income on real taxation system in 2018 also works in a company as a 4A employee. Is this person also supposed to include their income from wages on the income statement they will submit for their business earnings?

If the income is earned from a single employer, it is not written on the annual income statement notwithstanding the amount.

Examples Related To Rental Income Declaration- Actual Expenses Method

MuhasebeNews — Fri, 29 Mar 2019 14:30:03 +0000

Example: Taxpayer (B), living in Poland, leased out his flat in Antalya and obtained 15.000 $ as rental income in 2018. He preferred the actual expenses method and he has no other income to declare in Turkey. His total actual expense for this house is 3.000 Dollars.

On the date of collection and expenditure, buying rate for Dollar announced by The Central Bank of Republic of Turkey is assumed as 5,50 TL.

Total Revenue = 15.000 $ x 5,50 TL = 82.500 TL

Total Expenses = 3.000 $ x 5,50 TL = 16.500 TL

(Taxpayers who have chosen the actual expenses method will not deduct the expense corresponding to the amount subject to exception from their income, but only the expense corresponding to the amount subject to taxation. Thus, first the total expenses corresponding to the total taxable revenue should be determined. Deductible expenses corresponding to the taxable revenue is calculated as follows:)

Deductible expenses = Total expenses x Taxable Revenue* / Total Revenue

* Taxable Revenue = Total Revenue – Amount of exception for rental income from house

= 82.500 – 4.400

= 78.100 TL

Amount of exception corresponding to taxable revenue (Amount of deductible actual expenses)

= 16.500 x 78.100 / 82.500 = 15.620 TL

Income tax for rental income of taxpayer is calculated as follows:

Total Gross Revenue (15.000 $ x 5,5)	82.500 TL
Amount of exception	4.400 TL
Balance (82.500 – 4.400)	78.100 TL
Amount of deductible actual expenses	15.620 TL
Taxable Income (78.100 – 15.620)	62.480 TL
Amount of income tax calculated	13.749,60 TL
Amount of income tax payable	13.749,60 TL
Stamp duty	72,70 TL

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.

Examples Related To Rental Income Declaration- Lump Sum Expenses Method

MuhasebeNews — Fri, 29 Mar 2019 13:30:57 +0000

Example: Taxpayer (A), living in Germany, leased out his flat in Ankara and obtained 15.000 € as rental income in 2018. He preferred the lumpsum expenses method and he has no other income to declare in Turkey. On the date of collection, buying rate for Euro announced by The Central Bank of Republic of Turkey is assumed as 6 TL.

Income tax for rental income of taxpayer is calculated as follows:

Total Gross Revenue (15.000 € x 6 TL)	90.000 TL
Amount of exception	4.400 TL
Balance (90.000-4.400)	85.600 TL
Lump-sum Expenses	(85.600 x 15%) 12.840 TL
Taxable Income	(85.600 – 12.480) 72.760 TL
Amount of income tax calculated	16.525,20 TL
Amount of income tax payable	16.525,20 TL
Stamp duty	72,70 TL