when – Muhasebe News

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.

Can airline companies make transactions with foreign exchange when making an acquisition?

MuhasebeNews — Mon, 08 Apr 2019 10:26:34 +0000

SUBJECT

About airline companies making transactions with foreign exchange.

QUESTION

…I’m working for an airline company. In accordance with article 17 of the notice published on 6th of October 2018 regarding the decision numbered 32 about Protection of the Value of Turkish Currency, can we accept all purchase agreements in foreign currency except for real estate selling, leasing and labor agreements without considering if the service provider abides by the exceptions?

(13.11.2018 12:18)

ANSWER

We think that you can make transactions in foreign currency.

Source: Ismmo
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.

Should we include or exclude the VAT when drawing out an invoice for exchange difference?

MuhasebeNews — Fri, 29 Mar 2019 15:30:21 +0000

My question is about invoices for exchange differences that occur when the prices of foreign exchange invoices of domestic sales are collected. Should we calculate the VAT by including it or additionally?

Exchange difference + VAT is calculated. The calculation is not made by including the VAT.

Example :
Exchange difference      : TRY 1.000
VAT – %18                          : TRY 180
General Total                   : TRY 1.180

When to declare the rental income?

MuhasebeNews — Wed, 27 Mar 2019 12:00:04 +0000

For the period January 1, 2018 – December 31, 2018 ; taxpayers should submit declarations concerning their income from immovable properties between the dates of March 01-25, 2019.

It is possible to send the declaration via “Prefilled Income Tax Return System” on the internet.
If non-resident taxpayers have tax representatives in Turkey, they will submit their declarations to the authorized Tax Office of their tax representatives’ location and if they do not have tax representatives in Turkey, they will submit their declarations to the authorized Tax Office of immovable property location.
In accordance with the Law No. 3568, authorized tax professions can use e-Declaration system by signing a contract with taxpayers.

In the Prefilled Income Tax Return System, declaration will be deemed electronically approved.If the declaration is sent through normal postal service or private postal distribution companies, it will be deemed to have been submitted on the date it arrives on document registration date at tax office, and if it is sent as registered (First Class Mail etc.), it will be deemed to have been submitted on the date registered on envelope by PTT.

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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When is the starting date of mandatory state social security for partners of incorporated companies in Turkey?

MuhasebeNews — Sat, 23 Mar 2019 09:30:06 +0000

A Shareholder of an incorporated company in Turkey is also the Chairman of the Board but he does not get paid.
Is he required to register for mandatory state social security?

The mandatory state social security of the partners who are also the board members of incorporated companies also starts on the start date of their board membership. It is required for company officials to notify the social security institutions within 15 days following the starting date.

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 considered as loss when determining the gross income from immoveable property?

MuhasebeNews — Thu, 21 Mar 2019 13:45:14 +0000

Any decrease occurring in the capital itself which is subject to income from immovable property is not considered as loss and is not accepted as expense when determining the gross income amount.

Losses arising from the expenditure surplus in the calculation of the net amount of income from immovable property can be deducted from income to be declared in the following years not for more than 5 years.

There are two exceptions to this rule:

In the event of any loss resulting from deducting the amount of the rent of the house or lodging paid by the lessor from the rental income of their house, such loss cannot be subject to deduction from the income from immovable property to be obtained in the following years.

Non-deductible part of the amount corresponding to 5% of the acquisition value which has been subject to deduction of income from the immovable rented as house is not considered as an expenditure surplus.

Accordingly, it is not possible to consider an expenditure surplus as loss in these situation.

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Expenses To Be Deducted When Determining The Rental Income? -Actual Expenses Method

Expenses To Be Deducted When Determining The Rental Income? -Actual Expenses Method

MuhasebeNews — Wed, 20 Mar 2019 12:43:06 +0000

Deduction of Expenses in the Actual Expenses Method

Taxpayers who have opted for the lump sum method can, after deducting the amount of exception from their rental income, set off the lump sum expenses at 15% of the remaining amount against actual expenses.

It is not possible to opt for lump sum expenses method in the case of leasing rights. For instance, taxpayers, who gain office rental income and income from leasing rights, should choose actual expenses method since they should declare rental income from leasing rights at their tax return.

Taxpayers who have chosen the lump sum expenses method cannot choose actual expenses method before two years have elapsed.

Lump sum expenses rate is determined at 15% of the revenue to be applied to rental income from 1/1/2017.

Source: gib.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.

SIMILAR CONTENTS

What is the basis for low or no value for rental income?

What are the property and rights that are subjects of rental income?

How to obtain the rental income?

What Are The Expenses To Be Deducted When Determining The Rental Income? -Lump Sum Expenses Method

What Are The Expenses To Be Deducted When Determining The Rental Income? -Lump Sum Expenses Method

MuhasebeNews — Tue, 19 Mar 2019 08:00:06 +0000

In the taxation of rental income, the net amount of the income obtained is determined in two different ways as follows:

Actual expenses method
Lump sum expenses method (for other than those who lease rights)

The selection of the actual expenses or lump sum method should cover all immovable property, which means that it is not possible to choose the actual expenses method for some part and the lump sum expenses method for the remaining part.

Deduction of Expenses in the Lump Sum Expenses Method

If the actual expenses method is chosen, following actual expenses can be deducted from the gross amount of rental income:

Lighting, heating, water and elevator expenses paid by lessor for rented property,
Management costs which are measured according to the importance of property and related with the administration of the rented property,
Insurance expenses relating to the rented property and rights,
Interest of debts relating to the rented property and rights,
5% of acquisition value of one rented house for 5 years beginning from the date of acquisition (This deduction applies only to rental income of the rented house; non-deductible part is not evaluated as expenditure surplus. This deduction is not valid for houses acquired before 2014), Deduction of 5% of the acquisition value applies only to one real property rented as house.
For real properties rented as workplace, such expense deduction is not applicable.
Taxes, duties and fees paid for the rented property and rights and rates paid to municipalities for expenses by lessor,
Depreciation setting aside for rented property and rights, and heat insulation and energy saving expenditures which are made by the lessor and that increase the economic value of the real estate. (These expenditures can be considered as cost if it exceeds 1000 TL for the year 2018.)
Repair and maintenance expenses incurred by lessor for the rented property,
Rents and other actual expenses paid by sub-lessors, Rent of the house accommodated by the lessors who rent their own property, (non-deductible part is not evaluated as expenditure surplus), It is not allowed for taxpayers not residing in Turkey, (including Turkish nationals who reside abroad more than a continuous period of six months with residence or work permit) to deduct the amount of rents they pay in a foreign country from their rental income obtained in Turkey.
Cost of loss, detriments and compensations paid for rented property and rights based on a contract, law or court decree.

Calculation of deductible expenses in case of exception in actual expenses method

Where a taxpayer chooses the actual expenses method and benefits from the exception applied to rental income from house, the amount of actual expenses corresponding to exception is not deductible from gross revenue.

The deductible amount is calculated as follows:

Deductible expenses = Total Expenses x Taxable Revenue
Total Value

(*) Taxable Revenue = Total Revenue – Exception for Rental Income from House

Example: Taxpayer (C) rented her house in 2018 and obtained 38.000 TL of rental income. Taxpayer, who has no any other income, incurred 9.500 TL of expenditure for his property and choses the actual expenses method.

The amount that taxpayer can deduct as actual expenses will be the amount that corresponds to the taxable revenue of the total expense for 9.500 TL.

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Which date should we consider when declaring the withholding statement for Google ads?

MuhasebeNews — Mon, 25 Feb 2019 13:15:53 +0000

When are we required to declare the 15% withholding we pay to Google, Facebook, Twitter and etc. for the ads? On the date of the invoice or the date of the payment?

The date of the invoice must be considered.

Should we include employee’s off days when calculating the severance pay?

MuhasebeNews — Wed, 06 Feb 2019 13:49:48 +0000

Should we include an employee’s off days when calculating the severance and notice pay? For example, an employee who has been working in the office takes maternity leave for 112 days. She then takes unpaid leave for 6 months. Should we calculate the actual service period of 4 months or the total period including the off days?

Within this regard, apart from the other unpaid leaves, if s/he takes an unpaid leave again, the payments won’t be divided into 365 to find the daily amount of the nonwage payments (e.g bonus, premium.) The provision ‘’…the period during which the employment contract is suspended should not be included in the severance period. For example, the period of unpaid leave is not taken into consideration in terms of the base period…’’ takes place in the Decisions of Supreme Court 9th Chamber [5].