Circular 2021-054
We are pleased to announce our short memo on the Tax Amnesty that has been launched in June by the Turkish Tax Authority
The Below Tax Amnesty Law allows you to benefit a settlement between the taxpayers and the tax authorities; which provides a safeguard or shelter against tax inspections for;
- Corporation Tax,
- Income Tax,
- VAT,
- Withholding Tax
from 2016 to 2020 based on the client’s voluntary increase of client’s tax base and pays the additional taxes for the relevant years.
Also the tax payers are allowed to write off;
- Assets (Inventory, machinery, equipment and fixtures) that are not included in the records but are available and in use within the company
- Assets (Inventory, machinery, equipment and fixtures) that are included in the records but are not within the company
- Cash balance and receivables from shareholders and other transactions related to them, which are not avaibale in the business but in the records
Please bear in mind that this is just a short summary of the whole tax amnesty law to give you an idea what we can provide to you. The final calculation and interpretations can only be done after a mutual consideration.
Should you need any other explanation on the topic please do not hesitate to contact with us at all times.
You can find the full text of the statement at the link below.
Link
You can reach the Turkish text that we have published before from the link below.
Link ( Turkish )
Kindest Regards