iş – Muhasebe News

Is it possible for foreigners to obtain property in Turkey?

MuhasebeNews — Thu, 11 Apr 2019 14:46:02 +0000

Is it possible for foreigners to obtain property in Turkey?

There are three ways for foreigners to obtain property in Turkey based on their status:

1- Obtaining property as a real person
2- Obtaining property as a foreign company (established in other countries)
3- Obtaining property as a foreign-invested company (established in Turkey)

Source: yoik.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.

Is a power of attorney given by an old board member still valid?

MuhasebeNews — Wed, 10 Apr 2019 16:00:27 +0000

A and B persons and also the people authorized to represent and bind were changed with a decision. However, they are still members of the board of directors.

There is a valid private power of attorney which is given by the old board members that are authorized to represent and bind.

Is it possible for me to represent the company with the power of attorney of old board members and the list of authorized signatures?

If I face any criminal action because of representing the company with this power of attorney, will the old board members be responsible? (The call center advisor said that the power of attorney has to be renewed in accordance with the Tax Procedure Law and the Law on Collection Procedure of Assets)

The company management does not have a ’private power of attorney.’’ The list of authorized signatures is the legal document. As long as the list of authorized signatures stays the same, all responsibilities continue.

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.

Is it possible to apply a discount on VAT of bad debts?

MuhasebeNews — Wed, 10 Apr 2019 15:30:36 +0000

In accordance with Law numbered 7104 and the amendment on Article 29 of Law numbered 3065, the VAT of bad debts may be subject to a discount. The company lawyer started an execution proceeding on 31.12.2018 for the receivables to not get affected by the increase in transaction stamp costs. Normally, the execution proceeding was set to start in January.

We’ve just received the documents. According to the related article of the Law, the VAT may be subject to a discount in the taxation period that it is written as a loss and this discount may be written as income. Is it possible to make provisions in January and apply a discount on the VAT?

Provisions shall be made until 31.12.2018. It is possible to apply a discount on the VAT until 31.12.2019 (Paragraph 3 of Article 29 of VAT Law.)

Which exchange rate is used when exchanging the transactions to Turkish lira?

MuhasebeNews — Tue, 09 Apr 2019 14:22:33 +0000

When registering the 102 USD checking account of the company, should I use the buying or selling exchange rate for the foreign currency transactions in the bank?

Buying exchange rate of the Central Bank of Turkey is used.

Is a board member of a foreign Inc. required to obtain a work permit?

MuhasebeNews — Mon, 08 Apr 2019 08:26:49 +0000

SUBJECT

About foreign board members obtaining a work permit.

QUESTION

Inc. with 3 partners
2 partners are foreign
1 partner is Turkish

All shares are transferred to one of the partners.
The number of board members is dropped to a single person.

This foreign person have also become the chairman of the board.
Is this person required to obtain a work permit?

(13.11.2018 11:56)

ANSWER

It is evaluated that board members in incorporated companies are not required to obtain work permit and that in the case of working de facto and residing in our country continuously, it is beneficial for these members to get certificate of residence and work permit certificate.

Source: SSI
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.

What is the Pre-filled Income Tax Return System?

MuhasebeNews — Wed, 27 Mar 2019 12:30:34 +0000

Pre-filled income tax return system is a service, in which Turkish Revenue Administration prepare pre-filled tax returns by using data held from its data ware and submit online to the approval of taxpayers whose income composed of only wage, rental income, movable property income, other income and gains or several of them.

Taxpayers who have rental income can access to the system with; Entering personal identity information and answering personal security questions,

Using Internet Tax Office Code (if they do not have, they can get freely from any tax offices).
Foreign ID Number (11-digit number starting with 99) using with identity information and Internet Tax Office Code
The Tax Identification Number (10 digits) which taken before in Turkey for tax liability only Internet Tax Office Code

Persons who have not rental income tax liability also can use this system. In case there is not any liability record at tax offices, taxpayer is registered and the assessment of tax is done automatically when their rental income tax return is approved electronically. Then payments for this rental income tax return can be made through contracted banks or all tax offices. Also, it can be paid via online banking.

There is no obligation for using system. Returns can be also given by hand to tax offices or through electronically (via E-return preparation programme).

Detailed information about Pre-filled Income Tax Return System can be obtained from and access to the system can be reached at www.gib.gov.tr or interactive tax office.

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.

When is the starting date of mandatory state social security for partners of incorporated companies in Turkey?

MuhasebeNews — Sat, 23 Mar 2019 09:30:06 +0000

A Shareholder of an incorporated company in Turkey is also the Chairman of the Board but he does not get paid.
Is he required to register for mandatory state social security?

The mandatory state social security of the partners who are also the board members of incorporated companies also starts on the start date of their board membership. It is required for company officials to notify the social security institutions within 15 days following the starting date.

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.

What is the tax withholding legislation for rental payments?

MuhasebeNews — Sat, 23 Mar 2019 08:58:13 +0000

Persons, corporations and entities who rented property and rights in accordance with Article 94 of Income Tax Law are obliged to withhold income tax on the gross amount of payments made for rent.

Those people and enterprises that are tenants have to withhold income tax from the gross amount of their rental payments at the rate of 20%.

This withholding tax will also be made from the rent paid in advance for the upcoming months and years.

For example; when the rent is paid in advance for 3 months or 1 year for a workplace, the total rent paid will be subject to tax withholding.

If tenants are taxpayers whose commercial earnings determined according to simple method, they shall not withhold in rental payments.

In case that the immovable property leased out is used both as house and workplace; the total rent is subject to withholding as long as it is used as workplace partially or in whole.

What is considered as loss when determining the gross income from immoveable property?

MuhasebeNews — Thu, 21 Mar 2019 13:45:14 +0000

Any decrease occurring in the capital itself which is subject to income from immovable property is not considered as loss and is not accepted as expense when determining the gross income amount.

Losses arising from the expenditure surplus in the calculation of the net amount of income from immovable property can be deducted from income to be declared in the following years not for more than 5 years.

There are two exceptions to this rule:

In the event of any loss resulting from deducting the amount of the rent of the house or lodging paid by the lessor from the rental income of their house, such loss cannot be subject to deduction from the income from immovable property to be obtained in the following years.

Non-deductible part of the amount corresponding to 5% of the acquisition value which has been subject to deduction of income from the immovable rented as house is not considered as an expenditure surplus.

Accordingly, it is not possible to consider an expenditure surplus as loss in these situation.

Is it possible to benefit from medical care if I take unemployment pay in Turkey?

MuhasebeNews — Mon, 18 Mar 2019 13:44:27 +0000

For those who are entitled to the Unemployment Salary, it is possible to benefit from the below-mentioned services as long as they take the unemployment salary.

Unemployment Salary
General Health Insurance Premium
Finding A New Job
Career development courses, vocational courses and training courses