THE – Muhasebe News

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.

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.

Can the bar association fees of the lawyers on the payroll of a self-employed lawyer be written off as expense?

MuhasebeNews — Sat, 20 Jan 2024 06:18:27 +0000

Can the bar association fees paid by lawyers for the lawyers they employ be written off as expenses?

It cannot be written.

Red Meat Production Statistics of the Turkey, Quarter II: April-June, 2019

MuhasebeNews — Fri, 16 Aug 2019 07:00:28 +0000

Red Meat Production Statistics, Quarter II: April-June, 2019

Total red meat production was estimated as 255 455 tonnes in the 2nd quarter

While red meat production increased by 20.8% according to the previous quarter, it decreased by 4.1% when compared with the same quarter of last year. In total red meat production, the amount produced by slaughterhouses was 176 thousand 629 tonnes.

Cattle meat production was estimated as 223 thousand 693 tonnes

While cattle meat production increased by 16.9% according to the previous quarter, it decreased by 5.2% when compared with the same quarter of last year.

Sheep meat production was estimated as 30 thousand 600 tonnes

While sheep meat production increased 70.6% according to the previous quarter, it increased 11.9% when compared with the same quarter of last year.

Red meat production, 2018 – 2019

The next release on this subject will be on November 12, 2019.

Source: TUIK
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.

Producer Price Index of Agricultural Products of the Turkey, July 2019

MuhasebeNews — Fri, 16 Aug 2019 06:30:14 +0000

Producer Price Index of Agricultural Products, July 2019

Agriculture- PPI decreased by 1.06% in JulyProducer price index of agricultural products (Agriculture – PPI), in July 2019, decreased by 1.06% compared with the previous month, increased by 8.81% compared with December of the previous year, increased by 22.83% compared with the same month of the previous year and increased by 22.20% compared with twelve months averages.

Compared to the previous month; agriculture and hunting products decreased by 1.22%, fishing decreased by 0.90% and forestry products increased by 6.60%

The highest monthly decrease was in perennial crops

Regarding monthly changes by main groups; perennial crops decreased by 4.14%, non-perennial crops decreased by 1.72% and live animals and animal products increased by 1.26%.

The vegetables from sub-agriculture groups decreased by 6.01%

From sub-agriculture groups; there were increases for cereals (except rice), leguminous crops and oil seeds by 2.86%, for sheep and goats, live; raw milk and shorn wool from sheep and goats by 1.95%, and for oleaginous fruits by 0.90% and however, there was a decrease for live poultry and eggs by 0.51%.

In July 2019, 87 items were included in the Agriculture-PPI; while 5 new item was included this month, prices of 43 items increased, prices of 33 items decreased and prices of 6 items remained unchanged with respect to previous month.

Agriculture – PPI annual change, 2018- 2019
[2015=100]

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

What are the employment types in Turkey?

MuhasebeNews — Thu, 11 Apr 2019 14:18:01 +0000

What are the employment types in Turkey? Is part-time working or temporary employment possible?

The Labor Law numbered 1475 that regulates the employee-employer relationship was amended and took effect in 2003 within the framework of harmonization with the EU acquis and the agreements of International Labor Organization (ILO) and according to the economical and technological developments and the arousal of new employment relationships.

The Law aims to create new employment opportunities and appropriate working conditions for employers based on the necessities of our time through preparing new employment models which bring flexibility to the working hours.

In accordance with Law, the employment models in Turkey are as follows:

1- Employment for a definite term
2- Part-time employment
3- On-call work
4- Temporary employment relationship

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.

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.

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.

What are the categories of the Turkish taxation system?

MuhasebeNews — Tue, 09 Apr 2019 13:38:07 +0000

What are the categories of the Turkish taxation system?

It is possible to categorize the Turkish taxation system as follows;

I- Income taxes

Individual Income Tax
Corporate Income Tax

II- Taxes on Expenditure

Value Added Tax
Special Consumption Tax
Banking and Insurance Transaction Tax

III- Taxes on Wealth

Property Tax
Inheritance and Gift Tax
Motor Vehicles Tax

Is VAT applied on the invoice prepared while delivering goods to a foreign company?

MuhasebeNews — Mon, 08 Apr 2019 14:00:03 +0000

A retail company will deliver the goods in Turkey and issue the invoice for the foreign company. Are there any special cases for the preparation of the invoice according to VAT Law or Tax Procedure Law? Or is it possible to deliver the goods by preparing a regular invoice?

VAT is applied on the invoice as it is prepared in Turkey.

Can there be deductions from the worker’s wage for the losses?

MuhasebeNews — Mon, 08 Apr 2019 12:26:34 +0000

SUBJECT

About cutting back on the worker’s wage due to loss.

QUESTION
…
There are construction contract works we do as a subcontractor.
We employ a lot of workers in sites.
There are a lot of entrances to and exits from the site.
There are workers we employ in these sites according to score method.
We make a lot of expenses when emloying these workers, such as medical examination, uniform etc.
These people don’t come to work 1-2 days after the start date of employment.
The expenses we make for these people return to us as losses.
We want to cut back on that person’s wage for the expenses we make.
How should we proceed in order to not have any difficulties in terms of both the personnel and SSI (Social Security Institution)
…
(13.11.2018 15:19)

ANSWER
There can be deductions from the equipment, uniforms etc. that are given to the worker only for the losses.

Source: Ismmmo
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.

At the end of February, the total number of road motor vehicles registered reached 22.940.636 – 2019

MuhasebeNews — Mon, 08 Apr 2019 07:57:37 +0000

Road Motor Vehicles, February 2019

At the end of February, the total number of road motor vehicles registered reached 22 940 636The total number of road motor vehicles registered to the traffic reached 22 million 940 thousand 636 by the end of February. Within the total, cars represented 54.3%, followed by small trucks 16.4%, motorcycles 14%, tractors 8.2%, trucks 3.7%, minibuses 2.1%, buses 1% and special purpose vehicles 0.3%.

In February, 34 025 road motor vehicle registrations were recorded

Within 34 thousand 25 vehicle registrations in February, cars accounted for 54.3%, followed by motorcycles 22.7%, small trucks 12.9% and tractors 4.6%. Minibuses, buses, trucks and special purpose vehicles constituted 5.5% of new registrations.

The number of road motor vehicle registrations decreased by 48.8% compared with the previous month

In February, the number of road motor vehicle registrations decreased by 48.8% compared with the previous month. Cars, minibuses, buses, small trucks and trucks decreased by 58.4%, 33.5%, 47.3%, 62.3% and 48.6% respectively. Motorcycles, special purpose vehicles and tractors increased by 30.1%, 97% and 5%.

The number of road motor vehicles registered decreased by 45.8% compared with the same month of the previous year

In February, the number of road motor vehicle registrations decreased by 45.8% compared with the same month of the previous year. Cars, minibuses, buses, small trucks, trucks and tractors decreased by 49.8%, 29.3%, 45.2%, 57.3%, 64.9% and 64.8% respectively. Motorcycles and special purpose vehicles increased by 2% and 85.8%.

In the period of January-February, the total number of road motor vehicles in traffic increased by 74 715

While 25 thousand 796 road motor vehicles were withdrawn, 100 thousand 511 road motor vehicles were added in January-February period. Hence, the total number of road motor vehicles registered increased by 74 thousand 715.

535 037 road motor vehicles handed over in February

Among 535 thousand 37 vehicles handed over⁽¹⁾, cars accounted for 70.2% followed by small trucks 17.1%, motorcycles 3.9% and tractors 3.4%. Minibuses, buses, trucks and special purpose vehicles constituted 5.4% of the handed over motor vehicles in February.

The ratio of cars registered using LPG was 37.8%

At the end of February, among 12 million 445 thousand 592 registered cars, the share of LPG-fuelled cars was 37.8% followed by diesel-fuelled cars with 37% and gasoline-fuelled cars with 24.8%. The share of electric or hybrid cars is 0.05% and the cars with unknown⁽²⁾fuel type was 0.3%.

In February, 18 464 cars were registered to the traffic

In terms of the distribution of trademarks for the 18 thousand 464 new registered cars in February, Renault recorded 15%, Fiat 14.9%, Volkswagen 11.6%, Hyundai 7.5%, Honda 6.4%, Toyota 5.3%, Peugeot 4.6%, Nissan 4.3%, Dacia 4%, Skoda 3.7% and the other trademarks 22.7% of the total.

Most frequent engine size was 1501-1600 for registered cars

Within 62 thousand 870 cars registered to traffic in January-February period, 40.1% of them had engine size 1501-1600, 27% had 1401-1500, 17.2% had 1301-1400, 10.3% had 1300 or less, 4.4% had 1601-2000, 0.9% had 2001 and above engine size.

Most frequent colour was white for registered cars

Within 62 thousand 870 cars registered to traffic in January-February period, 54.7% of them were white, 22.5% were grey, 7.5% were black, 5.4% were red and 10% were in other colours.

The next release on this subject will be on May 2, 2019.

EXPLANATIONS

(1) Road motor vehicles handed over are that the owners of them had changed through the notaries for one time or more.

(2) Unknown includes the cars for which the type of fuel field in the license was entered incorrectly or left blank.

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.