Executive Summary: Regulations for “Tax Amnesty/Restructuring” that entered into force with Law No. 7440 16.03.2023

16 Mart 2023 (Yayın Dönemi "16.03.2023")

The Law on the Restructuring of Certain Receivables, also known as “Tax Amnesty” or “Tax Restructuring” entered into force with its publication in Official Gazette No. 32130 on March 12, 2023. Tax Amnesty/Restructuring regulations (restructuring of receivables, voluntary tax base and tax increase and correction of company accounts) will be the subject of this Bulletin.

VAT Communiqué no.43 was published in the Official Gazette on 25.10.2022

3 Kasım 2022

The delivery of iron-steel products were included in the VAT declaration system with the 4/10 portion of VAT declared as the liability of the purchaser

Tax Procedure Law (TPC) circular VUK-145/2022-8 has been published on 05.09.2022. The circular provides further details about “ultimate beneficial owner” which was defined in the TPC Communiqué No:529

8 Eylül 2022

As stated in the previous Communiqué, ultimate beneficial owner must be a real person.

Law 7417 dated 01.07.2022 amended the subarticle ı) of Article 10 of Corporate Income Tax (CIT) Law

6 Temmuz 2022

In 2015, the subarticle ı) was added to article 10. This subarticle allows the taxpayers to deduct certain portion of the cash/liquidity infusion to the company’s paid-in equity structure from the CIT base.

Bank and insurance transactions tax (BITT) rate for consumer loans is increased from 5% to 10% with the Presidential Decree no: 5729

15 Haziran 2022

With the Presidential Decree no: 5729 dated 11.06.2022, subparagraph (ğ) is added to the Decree annexed