GAINING SOME ASSETS TO THE ECONOMY GENERAL NOTICE ABOUT
Published in the Official Gazette dated 28.11.2020 '' About the Acquisition of Some Assets to the Economy General Communiqué '' The provisional article 93 of the Income Tax Law dated 31/12/1960 and numbered 193
It has been prepared based on the provision of the eighth paragraph. This Communiqué dated 11/11/2020 and numbered 7256. 21st of the Law on Restructuring of Receivables and Amending Certain Laws and the provisions of the provisional article 93 added to the Income Tax Law numbered 193. It was published in order to determine the principles and procedures for its implementation.
Communiqué located outside reviewing overseas and the distinction made in place as assets in Turkey will be.
Notifications Regarding Assets Located Abroad
Money, gold, foreign exchange, securities and other capital market instruments abroad, temporary 93
Within the framework of the provisions of the Article, 30.06.2021 date (including this date) until the bank or in Turkey Real and legal persons who report to intermediary institutions will be able to freely dispose of the said assets. Notification will be subject to be brought to Turkey within three months from the date of notification of these assets required.
By real and legal persons, the said assets located abroad, from 17/11/2020 to 30/6/2021 to banks or (securities and other capital market instruments) and exclusively) to intermediary institutions. By real and legal persons, No notification will be made to the tax authorities regarding the assets.
No tax inspection or tax assessment will be made under any circumstances due to the declared assets. It In order to benefit from the provision, the assets subject to notification, from the date of the notification, be brought to Turkey within three months or a bank or brokerage account to be opened in Turkey in must be transferred.
Assets located abroad, used from banks or financial institutions abroad and Loans registered in the legal books as of 17/11/2020 until 30/6/2021 at the latest
can be used in closing. In this case, provided that it is deducted from the book records, the debt
For assets used for the payment will not be a prerequisite for transport to Turkey. From this judgment the beneficiaries, from the banks or financial institutions abroad that they have closed their loans.
It is sufficient for them to keep the documents proving their receivables in order to present them when requested.
Assets (for example immovables) located abroad but not covered by the date of 30/6/2021
within the framework of the provisions of the said article by being converted into assets within the scope of It can be brought into Turkey.
Notice Related to Assets Found in Turkey
Income or corporate taxpayers owned and located in Turkey, but the statutory not included in the records; with money, gold, foreign exchange, securities and other capital market instruments immovables arrive with the relevant notification until 30/06/2021 (including this date) within the scope of the article or In terms of corporate tax, it can be reported electronically to the tax offices affiliated with.
In case of being registered in the business records, the decision to increase the capital has been taken as of the date of notification. and registering the decision in the trade registry by the end of the tenth month following the notification date.
provided that the provisions of this article can be used.
Provisional Article 93 on behalf of the legal representatives of the companies, their partners or the company or company's partners a power of attorney issued by authorized institutions before 17/11/2020, or
Those who are authorized to evaluate based on the representation agreement, as of this date, and notifying the assets abroad on behalf of the company within the framework of the explanations made in the Communiqué. The subject was brought to Turkey or in Turkey or a bank account to be opened in brokeragein the transfer or Turkey, but in statutory records as of the date 17.11.2020 by notifying the assets not included in the Communiqué on behalf of the company within the framework of the explanations made in the Communiqué. It is possible to benefit from the provisions of the law.
Declaration Value of Assets
In the notification of the notifications subject to the notification to the tax offices, the assets as of the date of notification, will be valued with the following valuation criteria:
- Currency in Turkish lira, with its nominal (nominal) value.
- Gold, at its fair value.
- currency, the exchange rates at Central Bank of the Republic of Turkey.
- Of the securities and other capital market instruments;
1) Shares, if any, with the stock exchange rate, if there is no stock market value, with the current value, this value is determined. if it is not possible, with the purchase price, if the purchase price is not known, with its nominal (nominal) value.
2) Debt instruments such as bonds, bills, and eurobonds, with their stock exchange rate, if any, If this price cannot be determined, with the purchase price, if the purchase price is not known, the nominal (nominal) with value.
3) Mutual fund participation shares, with the closing price determined in the relevant market.
4) Derivative instruments such as futures and options contracts, with the stock exchange rate, if any, if there is stock exchange rate with its current value, if this price cannot be determined, with the purchase price, if the purchase price is not known, its nominal (nominal) with value.
e. Immovables, with their current value.
(2) The value of the said assets in terms of Turkish lira will be taken as basis in the declarations.
(3) In the implementation of this Communiqué, the current value is determined as of the date of notification of the said assets.
is the determined purchase-sale price and this price should reflect the actual situation.
(4) In determining the stock market value of the assets to be valued with the exchange rate, the values in the domestic or foreign stock exchanges where the assets are traded on the date of notification will be considered.
(5) In assets denominated in foreign currencies, Central Bank of the Republic of Turkey on the date on which they reported the exchange rate will be taken into account.
(6) After the notification, correction of the mistakes made or the
Initial notification of assets in adjustments to be made until 30/06/2021 in order to reduce assets
Values on the date are taken as basis.
Keeping Book Records
Bookkeeping in accordance with Law No. 213 taxpayers, with income or assets brought to Turkey
The assets registered in the legal books by corporate taxpayers are used in the determination of the period earnings. the same assets can be included in their business regardless of their taxable income and
They can be withdrawn from their businesses regardless of the determination of distributable earnings for institutions.
Taxpayers who keep books on the basis of balance sheet, in liabilities for their
They will open a private fund account. The account in question can be freely subject to savings, can be added or distributed to partners.
Distribution of the amounts related to the said assets by corporate taxpayers to the partners
In the event that there will be no withholding tax due to profit distribution, real person partners and corporate taxpayers These amounts earned by the partners will also not be taxed.
Expense and depreciation application
Regarding immovables that are subject to notification and transferred to the legal book records, The provisions regarding depreciation in the law will not be applied.
Losses, income or institutions arising from the subsequent disposal of these recorded assets accepted as an expense or discount in determining the income or corporate earnings in terms of tax application will not be.
