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Turkey has taken sweeping steps to cushion the economic fallout of the coronavirus pandemic

MuhasebeNews — Thu, 09 Apr 2020 11:30:20 +0000

Turkey has taken sweeping steps to cushion the economic fallout of the coronavirus pandemic to protect both employers and employees.

Any firm forced out of business due to a Force Majeure, such as the pandemic, can approach the government.

The government will pay 60% of the staff salaries for a period of three months.

With this short-term employment allowance, the government will make direct transfers — within the ranges of 1,752 Turkish liras ($260) to 4,381 liras ($650) — in the employees’ bank accounts directly.

The government will also pay for their health insurance during the period.

With these measures, the government hopes to cut back unemployment figures due to the pandemic, which has claimed over 74,800 lives globally and infected more than 1.35 million others.

In Turkey, the death toll stands at 649, with more than 30,200 cases confirmed.

Bünyamin Esen, a social security inspector, said that due to the short-term employment allowance, firms do not lose their staff for three months.

He added that President Recep Tayyip Erdoğan has the authority to extend the three-month period to six months. “If the risk of epidemic does not end as early as expected, the period of the allowance will be extended.”

Salaries are paid by the government on the fifth day of each month through the country’s postal service, PTT.

Employers will not have to pay the salaries, insurance premiums and income taxes of their staff during this period said Esen, who is also CEO of a consultancy firm, Uzman Global.

He said this allowance was valid since 2008, but it was stretched to incorporate the unprecedented situation rising from COVID-19, the official name of the virus.

Under the amendment, an employee who has worked for at least 60 days and has 450 days of premiums for the last three years qualifies for the allowance. In case an employee loses his job after the three-month period, the state will give them an unemployment allowance for up to seven months and up to 2,354 Turkish liras ($350).

Turkey has also approved tax discounts and delays for companies and citizens.

Especially tourism and aviation firms, which are affected mostly by the virus, are being protected by the government.

Banks have allowed clients to defer their installments for three months and are offering new low-interest-rate credit packages to firms.

The country backs employers with minimum wage and tax supports besides the short-term employment allowance.

Turkey increased the minimum pension to 1,500 Turkish ($223) after the start of the outbreak.

After first appearing in Wuhan, China, in December, the virus, has spread to at least 184 countries and regions, according to data compiled by U.S.-based Johns Hopkins University.

Source: Hürriyet Daily News/Link: https://www.hurriyetdailynews.com/turkey-takes-sweeping-steps-to-cushion-coronavirus-fallout-153646
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.

Turkey recorded strong GDP growth of 6 percent in the final quarter of 2019

MuhasebeNews — Mon, 30 Mar 2020 13:30:33 +0000

Turkish Statistical Institute (TurkStat) announced the quarterly Gross Domestic Product (GDP) growth in Turkey for the October-December 2019 period. Thanks to a sharp recovery in private consumption and a rise in credit impulse, Turkey recorded a strong GDP growth of 6 percent in the final quarter of 2019, which brought the full year growth up to 0.9 percent.

Accordingly, Turkey’s GDP at current prices has more than tripled since 2002, reaching USD 754 billion in 2019. The Turkish economy grew by an average 5.3 percent annually during the 2003-2019 period.

The strong growth performance of Turkey in the final quarter of 2019 brought the full year growth into positive territory and this trend suggests a strong signal, implying that the Turkish economy is returning to its long-term potential growth track.

Turkey’s New Economy Program, announced last September, targets GDP growth rates of 5 percent in each of the following three years starting from 2020.

Source: Republic of Turkey Investment Office / link: https://www.invest.gov.tr/en/news/news-from-turkey/pages/turkey-recorded-positive-growth-rate-2019.aspx
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 stamp tax rate in contracts?

MuhasebeNews — Fri, 17 Jan 2020 09:00:19 +0000

What is the stamp tax rate in contracts?

What is the stamp tax rate in food supply and service contracts?

The stamp tax rate in all contracts is 9.48 per thousand.

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.

The Rates of Real Profits Created by Means of Financial Investment, June 2019

MuhasebeNews — Tue, 09 Jul 2019 13:49:00 +0000

The Rates of Real Profits Created by Means of Financial Investment, June 2019

Maximum monthly real profit rate was realized in government domestic debt instruments (GDDI)Government domestic debt instruments (GDDI), yielded the highest monthly real profit with the rates of 8.15% and 8.22% according to domestic producer price index(D-PPI) and consumer price index (CPI), respectively.

According to D-PPI, the monthly real profit rate of stock exchange, gold (ingot) and deposit interest yielded real profit with the rates of 5.93%, 2.09% and 1.48%. However, the monthly real profit rate of Euro and US Dollar lost by 3.09% and 4.05% respectively. According to CPI, the monthly real profit rate of stock exchange, gold (ingot) and deposit interest yielded real profit with the rates of 6.00%, 2.15% and 1.54% respectively. However, the monthly real profit rate of investors of Euro and US Dollar lost by 3.03% and 3.99% respectively.

Gold (ingot) made the highest real profit with the rates of 5.22% according to D-PPI and 8.43% according to CPI, quarterly. In the same period, investors of stock exchange made the highest loss with the rates of 12.36% and 9.68% according to D-PPI and CPI.

Bi-annually, gold (ingot) made the highest real profit with the rates of 10.26% according to D-PPI, 13.49% according to CPI. In the same period, investors of stock exchange made the highest loss with the rates of 5.71% and 2.94% according to D-PPI and CPI, respectively.

Maximum annual real profit was created by gold (ingot) investors

Annually, gold (ingot) made the highest real profit with the rates of 7.19% according to D-PPI and 15.82% according to CPI. However in the same period, investors of stock exchange made the highest loss with the rates of 21.91% according to D-PPI and 15.62% according to CPI.

The monthly real profit rates created by means of financial investment, June 2019

The next release on this subject will be on August 8, 2019.

Source: TÜİK
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.

Unemployment rate realized as 14.1% – March 2019

MuhasebeNews — Mon, 17 Jun 2019 14:40:36 +0000

Labour Force Statistics, March 2019

Unemployment rate realized as 14.1%The number of unemployed persons aged 15 years old and over increased by 1 million 334 thousand to 4 million 544 thousand persons in the period of March 2019 in Turkey compared with the same period of the previous year. The unemployment rate occurred as 14.1% with 4 percentage point increase. In the same period, non-agricultural unemployment rate occurred as 16.1% with 4.2 percentage point increase. While youth unemployment rate including persons aged 15-24 was 25.2% with 7.5 percentage point increase, the unemployment rate for persons aged 15-64 occurred as 14.3% with 4 percentage point increase.

Employment rate realized as 45.4%

The number of employed persons decreased by 704 thousand to 27 million 795 thousand persons in the period of March 2019 compared with the same period of the previous year. The employment rate occurred as 45.4% with 1.7 percentage point decrease.

The number of agricultural employment decreased by 240 thousand persons and the number of non-agricultural employment decreased by 464 thousand persons in this period. According to the distribution of employment by sector; 17.3% was employed in agriculture, 19.7% was in industry, 5.5% was in construction and 57.4% was in services. Employment in agriculture decreased by 0.4 percentage point and construction decreased by 1.8 percentage point while services increased by 2.1 percentage point. The share of industry was occurred without any change compared with the same period of the previous year.

Labour force participation rate realized as 52.9%

The number of persons in the labour force realized 32 million 339 thousand persons with 630 thousand persons increase in the period of March 2019 compared with the same period of the previous year. Labour force participation rate (LFPR) was 52.9% with 0.5 percentage point increase. LFPR for male was 71.7% with 0.1 percentage point decrease and the rate for female was 34.4% with 1 percentage point increase compared with the same period of the previous year.

Non-seasonally adjusted main labour force indicators, March 2018, March 2019

The rate of unregistered employment realized as 33.9%

The ratio of persons working without any social security relating to the main job occurred 33.9% with 1.5 percentage point increase in the period of March 2019 compared with the same period of the previous year. In the non-agricultural sector, the rate of unregistered employment realized as 23.1% with 1.2 percentage point increase compared to the same period of the previous year.

Seasonally adjusted employment rate realized as 46.0% and unemployment rate realized as 13.7%

Seasonally adjusted employed persons increased by 72 thousand persons and occured 28 million 146 thousand persons compared with the previous period. Seasonally adjusted employment rate occurred 46.0% with 0.1 percentage point increase.

The number of seasonally adjusted unemployed persons increased by 68 thousand to 4 million 487 thousand persons in the period of March 2019 compared with the previous period. The unemployment rate was 13.7% with 0.1 percentage point increase.

Seasonally adjusted labour force participation rate was 53.3% with 0.1 percentage point increase compared with the previous period. According to the number of employment by sector, employment in agriculture decreased by 5 thousand persons, construction decreased by 53 thousand persons while industry increased by 94 thousand persons and services increased by 37 thousand persons.

Seasonally adjusted main labour force indicators, March 2018 – March 2019

The next release on this subject will be on July 16, 2019.

EXPLANATIONS
In the period of March 2019, results published in this press release includes 5^th-17^thweeks period including February, March and April 2019.

The Rates and Distribution of Insurance Premium in Turkey

MuhasebeNews — Fri, 26 Apr 2019 14:38:24 +0000

The Rates and Distribution of Insurance Premium in Turkey

Employees and employers are required to pay insurance premium to Turkish Employment Agency for:

Short term insurance branches
Long term insurance branches
Unemloyment insurance

Employees and employers are required to pay insurance premium to Social Security Institution for general health insurance.

Insurance branches and insurance premiums which the employees and employers are required to pay are as follows:

Insurance Branches	% Employee Share	% Employer Share	% Total
Short Term Insurance Branches	–	1 to 6,5	1 to 6,5
Long Term Insurance Branches	9	11	20
General Health Insurance	5	7,5	12,5
Unemployment Insurance	1	2	3

Source: YOİK
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.

Unemployment rate realized as 14.7% – March 2019

MuhasebeNews — Mon, 15 Apr 2019 07:50:28 +0000

Labour Force Statistics, January 2019

Unemployment rate realized as 14.7%

The number of unemployed persons aged 15 years old and over increased by 1 million 259 thousand to 4 million 668 thousand persons in the period of January 2019 in Turkey compared with the same period of the previous year. The unemployment rate occurred as 14.7% with 3.9 percentage point increase. In the same period, non-agricultural unemployment rate occurred as 16.8% with 4.1 percentage point increase. While youth unemployment rate including persons aged 15-24 was 26.7% with 6.8 percentage point increase, the unemployment rate for persons aged 15-64 occurred as 15.0% with 3.9 percentage point increase.

Employment rate realized as 44.5%

The number of employed persons decreased by 872 thousand to 27 million 157 thousand persons in the period of January 2019 compared with the same period of the previous year. The employment rate occurred as 44.5% with 1.9 percentage point decrease.

The number of agricultural employment decreased by 345 thousand persons and the number of non-agricultural employment decreased by 526 thousand persons in this period. According to the distribution of employment by sector; 17.0% was employed in agriculture, 19.9% was in industry, 5.4% was in construction and 57.7% was in services. Employment in agriculture decreased by 0.7 percentage point and construction decreased by 1.6 percentage point while services increased by 2.3 percentage point. The share of industry was occurred without any change compared with the same period of the previous year.

Labour force participation rate realized as 52.2%

The number of persons in the labour force realized 31 million 825 thousand persons with 387 thousand persons increase in the period of January 2019 compared with the same period of the previous year. Labour force participation rate (LFPR) was 52.2% with 0.1 percentage point increase. LFPR for male was 71.1% with 0.2 percentage point decrease and the rate for female was 33.6% with 0.4 percentage point increase compared with the same period of the previous year.

Non-seasonally adjusted main labour force indicators, January 2018, January 2019

The rate of unregistered employment realized as 33.1%

The ratio of persons working without any social security relating to the main job occurred 33.1% with 0.6 percentage point increase in the period of January 2019 compared with the same period of the previous year. In the non-agricultural sector, the rate of unregistered employment realized as 22.5% with 0.7 percentage point increase compared to the same period of the previous year.

Seasonally adjusted employment rate realized as 45.9% and unemployment rate realized as 13.3%

Seasonally adjusted employed persons decreased by 223 thousand persons and occured 28 million 14 thousand persons compared with the previous period. Seasonally adjusted employment rate occurred 45.9 with 0.4 percentage point decrease.

The number of seasonally adjusted unemployed persons increased by 170 thousand to 4 million 295 thousand persons in the period of January 2019 compared with the previous period. The unemployment rate was 13.3% with 0.6 percentage point increase.

Seasonally adjusted labour force participation rate was 52.9% with 0.2 percentage point decrease compared with the previous period. According to the number of employment by sector, employment in agriculture decreased by 22 thousand persons, industry decreased by 82 thousand persons, construction decreased by 44 thousand persons and services decreased by 76 thousand persons.

Seasonally adjusted main labour force indicators, January 2018 – January 2019

The next release on this subject will be on May 15, 2019.

EXPLANATIONS
In the period of January 2019, results published in this press release includes 49^th-52^ndweeks period including December 2018 and 1^st-9^thweeks period including January and February 2019.

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.

Maximum monthly real profit rate was realized in US Dollar – March 2019

MuhasebeNews — Tue, 09 Apr 2019 08:20:00 +0000

The Rates of Real Profits Created by Means of Financial Investment, March 2019

Maximum monthly real profit rate was realized in US Dollar
US Dollar, one of the financial investment tools, yielded the highest monthly real profit with the rates of 1.98% and 2.53% according to domestic producer price index (D-PPI) and consumer price index (CPI), respectively.

According to D-PPI, the monthly real profit rate of Euro and gold (ingot) yielded real profit with the rates of 1.60%, 0.83%. However, the monthly real profit rate of investors of deposit interest, government domestic debt instruments (GDDI) and stock exchange lost by 0.18%, 3.48% and 3.50% respectively. According to CPI, the monthly real profit rate of Euro, gold (ingot) and deposit interest yielded real profit with the rates of 2.16%, 1.38%, 0.37% respectively. However, the monthly real profit rate of investors of GDDI and stock exchange lost by 2.95% and 2.98% respectively.

Stock exchange made the highest real profit with the rates of 7.59% according to D-PPI and 7.45% according to CPI, quarterly. In the same period, investors of Euro made the highest loss with the rates of 0.10% and 0.22% according to D-PPI and CPI.

Bi-annually, GDDI made the highest real profit with the rates of 24.31% according to D-PPI, 18.48% according to CPI. In the same period, investors of Euro made the highest loss with the rates of 15.00% and 18.98% according to D-PPI and CPI, respectively.

Maximum annual real profit was created by US Dollar investors

Annually, US Dollar made the highest real profit with the rates of 8.27% according to D-PPI and 17.25% according to CPI. However in the same period, investors of stock exchange made the highest loss with the rates of 33.28% according to D-PPI and 27.74% according to CPI.

The monthly real profit rates created by means of financial investment, March 2019

The next release on this subject will be on May 09, 2019.

What is the VAT rate for properties that are company’s assets for less than 2 years?

MuhasebeNews — Mon, 11 Mar 2019 14:36:41 +0000

What is the VAT rate for the properties that are registered as a residence to the company’s assets?

The VAT rates for the selling of properties that are the company’s assets until 31.03.2019 are;

1% if the property is under 150 square meters,
8% if the property is over 150 square meters.

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.