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

To print this article, all you need is to be registered or login on Mondaq.com.

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.