According to the news of Hürriyet Daily News, Turkey’s current account balance saw a deficit of $518 million in November 2019, official figures revealed on Jan. 13.

The balance posted a $1 billion surplus in the same month of 2018, according to the Central Bank of Turkey (CBRT).

The bank’s balance of payments figures showed the country’s 12-month rolling surplus amounted to $2.7 billion.

An Anadolu Agency survey on Jan. 10 showed that economists had estimated current account balance to post a deficit of $450 million in November.

The forecast of a group of 12 economists hovered between $250 million and $660 million.

“This development is mainly attributable to $1.1 billion deficit recorded in the goods item, against a surplus of $412 million observed in the same month of 2018,” the bank said.

The CBRT data also showed Turkey’s current account deficit — excluding gold and energy — posted a $3.65 billion surplus in November 2019, down $930 million in the same month last year.

Travel items, which constitute a major part of the services account, saw a net inflow of nearly $1.4 billion, increasing by $177 million year-on-year in November.

The country’s new economic program, unveiled last September, forecast a current-account-surplus-to-GDP ratio of 0.1 percent for 2019.

Source: Hürriyet Daily News / link: http://www.hurriyetdailynews.com/current-account-posts-518-mln-deficit-in-november-150901
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.

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.

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.

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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.

House rents which cost less than 500 TL can be paid cash if it is wished. That obligation is applied separately to each house rent. Such as, if you have rental income from 10 different houses and the rent of 5 houses is 450 TL for each. So, if you wish, you may collect them in cash.

2- Since When Has This Rule Been Applied?
This rule has been applied as of the date of 01 November 2008.

3- How Can I pay it Except from Bank?
The collection of revenues and payments can be made via BANK or PTT as of the date of 1.11.2008.

4- Is There Any Rent Which is not paid via Bank?
The rents which are not supposed to be paid via bank are listed below:
4.1- Housing rents valuing at less than 500 TL,
4.2- Collection of revenues from house and office rents by means of execution and court,
4.3- On the other hand, rental payments in kind are also not within the scope of this obligation.

5- I Didn’t Pay the Rent via Bank! What is the Penalty?
The penalty for not obeying this rule shouldn’t be less than the amount stated below and it should be 5% of the amount applied to each transaction. The minimum amounts of penalties are listed below according to their obligation type.
5.1- 1.370 TL for the first class merchants and self-employed.
(Bookkeepers on the basis of balance and bookkeepers for self-employment income)
5.2- 690 TL for second-class merchants, farmers who are bookkeepers and people whose earnings are based on simple basis. (Operating Ledger, Simple Entry)
5.3- 340 TL for people apart from these. (People who do not have perpetual tax obligation, Housewives, Retiree, Officer, Worker etc.)

Each transaction will be fined separately. That means if the rent should be paid via bank but not paid; the leaser and the leaseholder will be fined separately for 4 months.

Source: 1- Official Gazette Dated 29.7.2008 and Numbered 26951- General Communiqué on Income Tax Numbered 268
2- Tax Procedure Law-Duplicated Entry Numbered 355

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.