sales – Muhasebe News

Do I need to be a manufacturer to make free zone sales within Türkiye?

MuhasebeNews — Sat, 20 Jan 2024 20:30:52 +0000

Do I have to be a manufacturer to be able to invoice the free zone in Türkiye? Can those who buy and sell also issue invoices? Do we need a capacity report to issue invoices?

There is no obligation to be a manufacturer. Any taxpayer can sell goods and services to the free zone from Türkiye.

In order to issue an export registered sales invoice, it is necessary to be a manufacturer and have a capacity report and industrial registry certificate.

Source:
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.

Are sales made from the Free Zone in Türkiye counted as exports?

MuhasebeNews — Sat, 20 Jan 2024 20:27:16 +0000

Can we benefit from the deduction in Article 32/8 of the Corporate Tax Law for the profits obtained from the sales of goods abroad and subcontracting work from the Free Zone in Türkiye? Or should the export be made abroad?

32/8 of the Turkish Corporate Tax Law (KVK). The article is about manufacturers. KVK 32/7. KV in the article (related to Export) is paid with a 5% discount (20%). Sales in the free zone are subject to export.

Retail Sales Indices, May 2019

MuhasebeNews — Wed, 17 Jul 2019 12:31:01 +0000

Retail Sales Indices, May 2019

Retail sales volume decreased by 3.7% compared with the same month of previous yearCalendar adjusted retail sales volume with constant prices decreased by 3.7% in May 2019 compared with the same month of previous year. In the same month food, drinks and tobacco sales decreased by 3%, non-food (except automotive fuel) sales decreased by 2.3%, automotive fuel sales decreased by 7.8%.

Calendar adjusted retail sales volume annual rate of change, May 2019
[2015=100]

Retail sales volume increased by 0.3% compared with the previous month

Seasonal and calendar adjusted retail sales volume with constant prices increased by 0.3% in May 2019 compared with the previous month. In the same month non-food (except automotive fuel) sales increased by 0.5%, automotive fuel sales increased by 0.3%, food, drinks and tobacco sales decreased by 0.1%.

Seasonal and calendar adjusted retail sales volume monthly rate of change, May 2019
[2015=100]

Retail turnover increased by 15.6% compared with the same month of previous year

Calendar adjusted retail turnover with current prices increased by 15.6% in May 2019 compared with the same month of previous year. In the same month food, drinks and tobacco sales increased by 20.8%, non-food (except automotive fuel) sales increased by 16.6%, automotive fuel sales increased by 5.8%.

Retail turnover increased by 1.8% compared with the previous month

Seasonal and calendar adjusted retail turnover with current prices increased by 1.8% in May 2019 compared with the previous month. In the same month food, drinks and tobacco sales increased by 1.7%, non-food (except automotive fuel) sales increased by 2.2%, automotive fuel sales increased by 0.5%.

Retail sales indices, May 2019
[2015=100]

The next release on this subject will be on August 19, 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.

Retail Sales Indices, April 2019

MuhasebeNews — Tue, 18 Jun 2019 12:18:32 +0000

Retail Sales Indices, April 2019

Retail sales volume decreased by 6.9% compared with the same month of previous yearCalendar adjusted retail sales volume with constant prices decreased by 6.9% in April 2019 compared with the same month of previous year. In the same month food, drinks and tobacco sales decreased by 2.9%, non-food (except automotive fuel) sales decreased by 7.1%, automotive fuel sales decreased by 11.6%.

Calendar adjusted retail sales volume annual rate of change, April 2019
[2015=100]

Retail sales volume decreased by 1.8% compared with the previous month

Seasonal and calendar adjusted retail sales volume with constant prices decreased by 1.8% in April 2019 compared with the previous month. In the same month food, drinks and tobacco sales decreased by 1.3%, non-food (except automotive fuel) sales decreased by 1%, automotive fuel sales decreased by 4.6%.

Seasonal and calendar adjusted retail sales volume monthly rate of change, April 2019
[2015=100]

Retail turnover increased by 13.3% compared with the same month of previous year

Calendar adjusted retail turnover with current prices increased by 13.3% in April 2019 compared with the same month of previous year. In the same month food, drinks and tobacco sales increased by 20.2%, non-food (except automotive fuel) sales increased by 12.9%, automotive fuel sales increased by 5%.

Retail turnover increased by 0.2% compared with the previous month

Seasonal and calendar adjusted retail turnover with current prices increased by 0.2% in April 2019 compared with the previous month. In the same month food, drinks and tobacco sales increased by 1.8%, non-food (except automotive fuel) sales increased by 0.1%, automotive fuel sales decreased by 2%.

Retail sales indices, April 2019
[2015=100]

The next release on this subject will be on July 17, 2019.

In March 2019, 105.046 houses were sold in Turkey

MuhasebeNews — Wed, 17 Apr 2019 14:20:59 +0000

House Sales Statistics, March 2019

In March 2019, 105.046 houses were sold in TurkeyIn Turkey, house sales decreased by 5.3% in March 2019 compared to the same month of the previous year and hence, became 105 046. For the house sales of March 2019, İstanbul had the highest share of house sales with 18.2% and 19 140 sold house. The followers of İstanbul were Ankara with 10 619 house sales and İzmir 6 366 house sales with the share of 10.1% and 6.1% respectively. The least house sold provinces were Hakkari with 5 house sales, Ardahan with 7 house sales, Bayburt with 27 house sales.

Number of house sales, 2018-2019

In March 2019, 22.762 ownership of the houses changed by mortgage sales

The mortgaged house sales throughout Turkey became 22 762 by decreasing 30.6% compared to the same month of the previous year. House sales with mortgage had a 21.7% share of all house sales in Turkey. Most of house sales with mortgage was in İstanbul with 3 462 sales. İstanbul was the first province in Turkey ranking that has most house sales with mortgage share with 15.2%. Mortgaged house sales had the highest share in Artvin with 50% of all house sales.

Ownership of 82.284 houses changed by other sales

Other house sales in Turkey became 82 284 by increasing 5.3% compared to the same month of the previous year. In the other sales, İstanbul was the first province with 15 678 sales and 19.1% share. Other house sales had 81.9% share of all house sales in İstanbul. Ankara was the second province with 7 620 sales. Ankara was followed by İzmir with 5 035 sales. The least other house sales was realized in Hakkari with 4 house sales.

House sales by type of sales, March 2019

House sales by state of sales, March 2019

In house sales, 44.163 of houses were sold for the first timeFirst house sales in Turkey became 44 163 by decreasing 12.9% compared to the same month of the previous year. First house sales had 42% share of all house sales in Turkey. The most first house sales was in İstanbul with 8 453 sales. İstanbul was the first province in Turkey ranking that had most first house sales share with 19.1%. The followers of İstanbul were Ankara with 3 553 house sales and İzmir with 2 884 house sales.

Ownership of 60 883 houses changed by second hand sales

Second hand house sales in Turkey became 60 883 by increasing 1.1% compared to the same month of the previous year. In the second hand sales, İstanbul was the first province again with 10_687 sales and 17.6% share. Share of the second hand sales was 55.8% in İstanbul in total house sales. Ankara was the second province with 7 066 sales and Ankara was followed by Antalya with 3 506 sales.

In March 2019, 3 129 houses were sold to foreigners

In house sales to foreigners became 3 129 by increasing 71.3% compared to the same month of the previous year. İstanbul was the first province with 1 520 sales in March 2019. The followers of İstanbul were Antalya with 626 house sales, Ankara with 173 house sales, Bursa with 121 house sales and Yalova with 110 house sales.

Most house sales were made to Iraq citizens according to country nationalities

Iraq citizens bought 548 houses from Turkey in March. The followers of Iraq were Iran with 334 house sales, Saudi Arabia with 189 house sales, Russia with 156 house sales and Afghanistan with 150 house sales.

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

Retail sales volume decreased by 4.9% compared to last year – February 2019

MuhasebeNews — Tue, 16 Apr 2019 13:09:46 +0000

Retail Sales Indices, February 2019

Retail sales volume decreased by 4.9% compared with the same month of previous year

Calendar adjusted retail sales volume with constant prices decreased by 4.9% in February 2019 compared with the same month of previous year. In the same month food, drinks and tobacco sales decreased by 1%, non-food (except automotive fuel) sales decreased by 8.2%, automotive fuel sales decreased by 1.7%.

Calendar adjusted retail sales volume annual rate of change, February 2019
[2015=100]

Retail sales volume increased by 0.8% compared with the previous month

Seasonal and calendar adjusted retail sales volume with constant prices increased by 0.8% in February 2019 compared with the previous month. In the same month food, drinks and tobacco sales increased by 0.8%, non-food (except automotive fuel) sales increased by 0.9%, automotive fuel sales increased by 0.4%.

Seasonal and calendar adjusted retail sales volume monthly rate of change, February 2019
[2015=100]

Retail turnover increased by 14.2% compared with the same month of previous year

Calendar adjusted retail turnover with current prices increased by 14.2% in February 2019 compared with the same month of previous year. In the same month food, drinks and tobacco sales increased by 18.3%, non-food (except automotive fuel) sales increased by 12.5%, automotive fuel sales increased by 12.5%.

Retail turnover increased by 1.5% compared with the previous month

Seasonal and calendar adjusted retail turnover with current prices increased by 1.5% in February 2019 compared with the previous month. In the same month food, drinks and tobacco sales increased by 1.1%, non-food (except automotive fuel) sales increased by 1.2%, automotive fuel sales increased by 2.9%.

Retail sales indices, February 2019
[2015=100]

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

EU retail sales volume increased in February

MuhasebeNews — Thu, 04 Apr 2019 14:45:29 +0000

European Union Statistics Office (Eurostat) published the February data on retail sales of European countries.

The seasonally adjusted retail sales volume increased for both EA19 and EU28 by 0,4%. The index raised by 2,8% in the Euro area and 3,3% in EU29, compared to the same months of the previous year.

The retail sales index increased by 0,9% for non-food products and 0,1% for food, beverage and tobacco products while it decreased by 0,7% for automotive fuel.

The same index increased by 0,1% for non-food products while decreasing by 0,1% for food, beverage and tobacco products and 0,2% for automotive fuel.

Among the countries for which data is available, the largest monthly increases in the total trade volume were recorded for Croatia (4.4%), Belgium and Latvia (1,6%). The largest decreases were seen in in Slovakia (1,5%), Portugal (1,0%) and Bulgaria (0,6%).

Compared to the same month of the previous year, the largest increases in the total retail trade volume was recorded in Slovakia (11,8%), Croatia (11,4%) and Romania (9,1%).

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.

Is it possible to capitalise the tax reduction for real estate sales

MuhasebeNews — Mon, 11 Feb 2019 12:24:18 +0000

We sold a building that was our company’s property in 2019 (It has been our asset for more than 2 years.) We made a profit of TRY 1.000.000. We want to transfer this to our fund account by benefitting from the 50% corporate tax reduction.

Is it possible to capitalize this profit by benefitting from the reduction in 2019? Or is 2020 the earliest year to increase the capital? And are we required to get a Certified Public Accountant (CPA) report for this profit?

The profit has to be capitalized. Even if it isn’t capitalized, a CPA report has to be prepared for the corporate tax reduction.

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.

Can we delete the invoices we made out for the sales that are made by the seller for fake customers?

MuhasebeNews — Thu, 17 Jan 2019 12:36:14 +0000

In September 2018, a sales person in the company of one of my taxpayers drew out an invoice to by opening a new current account to make sales to the accounting department. And that person also despatched the goods from the warehouse. However, when we wanted to reach an agreement with the companies, we couldn’t reach any of them and we found out that the names and tax numbers of the companies are fake. We found out that we were defrauded by our sales person. We filed a criminal complaint so a foreclosure and a fraud case has been entered.

1-Is it possible for us to exclude the invoice from the records and make a correction declaration on the VAT declaration? These invoices were made out as we couldn’t get the original copy

2-Can we count the costs of the despatched goods to costs of the goods sold during the taxation period?
(20.12.2018 12:44)

We think that it is not possible to make an action about the fraud before the court announces a decision. You also have to inform the Tax Authority for these incidents. We suggest you to get a special notice from the Revenue Administration.

Can we declare the sales tax base of transit trade on VAT declaration?

MuhasebeNews — Tue, 25 Dec 2018 13:00:51 +0000

For transit trade;

1-We do not include the transit trade on the VAT declaration. But do we include it in the cumulative amount?

2-We do not make a discount on VAT on the expenses. How should we write that off, on Account 760 or 153?

3-In Big Sales Big Purchase Form, should we write: BP Tax ID: 5555555555 and BS Taxpayer ID No: 6666666666?

(24.12.2018 09:04)

1-The amount which is not written on VAT declaration shouldn’t be included in the cumulative amount.

2-VAT paid for non-tax-deductible expenses (NTDE) is also included in the records as NTDE.

3-?