A Reminder For Sure Authorized Practices To Pay Consideration In The New Yr – Tax

Turkey:

A Reminder For Certain Legal Practices To Pay Attention In The New Year

21 January 2021

CottGroup

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With the Presidential Decree No. 3343, deadline for debt
restructuring applications and for payment of first installments is
01.02.2021, within the scope of the Law No.
7256.
With the Presidential Decree No. 3343, for the taxpayers, who
applied for debt restructuring within the scope of the Law No.
7256, deadline for the first installment of tax payments is
01.03.2021, and for the first installment of SSI payments is
31.03.2021.
With the Presidential Decree No. 2812, changes in VAT rates
applied for certain goods and services are extended until
31.05.2021.

- VAT rates of certain goods and services are reduced from 18% to
  8%,
- VAT rates of certain goods and services are reduced from 8% to
  1%,
- You can access our article regarding the sectors, which are
  subject to VAT rate changes from this link.
- As of 23 December 2020, VAT rates of deliveries of Covid-19
  vaccines approved by the Ministry of Health are reduced to 1%,
  until 31.12.2021.
With the Presidential Decree No. 3319, application of reduced
tax deduction rate from 20% to 10%, in leasing real estates as per
Income and Corporate Tax Law is extended until
31.05.2021.
It is necessary to submit and GEKAP declaration, regarding
July-August-September-October-November-December 2020 period, and
pay for the contribution share until 01.02.2021,
23:59.
Valuable Residence Tax application, published in the Official
Gazette No. 31365, has come into effect on
01.01.2021.
- “Valuable Residence Tax” has been issued as per
  42nd and 49th articles added to Property Tax
  Law, within the scope of the Law Regarding Amendment on Digital
  Service Tax No. 7194 and Decree Law No. 375.
- Submission of valuable residence tax declaration has become
  necessary as of 2021 for real estates in Turkey which exceeds
  5.000.000 Turkish Lira in 2020 value as per 29th article
  of Property Tax Law.
- Related amount, mentioned in 42nd article of
  Property Tax Law, has been determined as 5.227.000 Turkish Lira for
  2021.
- Related declaration is required to be submitted to the tax
  office where the property is located, by the end of
  20th day of February.
- Valuable property tax is necessary to be paid in two equal
  installments in February and August.
For joint-stock companies, Board Decision Ledger, Stamp Tax
Ledger; for limited liability companies, Board of Directors
Decision Ledger and Stamp Tax Ledger interim notarizations are
required to be done by the end of January.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.