TO – 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.

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.

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 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.)

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.

Who are subject to Law on Work Permit for Foreigners?

MuhasebeNews — Wed, 10 Apr 2019 15:13:48 +0000

Who are subject to Law on Work Permit for Foreigners?

Law numbered 4817 includes foreigners working dependently or independently in Turkey, foreigners taking vocational education from an employer and real and legal persons employing foreigners.

In accordance with the Law, the following persons are excluded;

People who were born in Turkey but renounced their citizenship with the decision of Council of Ministers,
Correspondents to be employed according to Press Law,
Members of foreign media organs,
Work permit holders or people that are employed by ministries or state institutions or organizations according to law,
Foreigners that are exempt from work permit by way of considering the principle of reciprocity, international law and European Union Law.

Societe Generale to cut 1600 jobs

MuhasebeNews — Tue, 09 Apr 2019 15:16:45 +0000

France’s third biggest bank is planning on cutting 1600 jobs worldwide after its weak financial performance last year.

The Bank aims to increase its profit through such measure.

It will lay off 750 employees in France and all redundancies will be made voluntary.

SocGen announced in February that it would cut 500 million euros in costs after a market downturn highly affected its fourth quarter balance sheet.

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.

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.

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.

Coca Cola bottle to be sold for over $150k

MuhasebeNews — Fri, 05 Apr 2019 13:00:18 +0000

Coca Cola’s iconic bottle will be up for bid in Morphy Auction this month.

The 104-year-old bottle is expected to enter the auction at $150,000.

Coca Cola’s deposit bottle was introduced in 1917 in the U.S. It is the first commercial good to have appeared on Times Magazine, in 1950. The bottle became the iconic figüre of Coca Cola, being featured in the artworks of Andy Warhol and Salvador Dali.