Provisions Providing Protection with Tax Consultation

PROVISIONS PROVIDING PROTECTION WITH TAX CONSULTATION.

“The greatest opportunity that Anun has provided to taxpayers is that the tax base/tax increase is not subjected to the tax assessment for the calendar year or years in which the increase is made.”

The Law No. 6736 regarding Restructuring of Some Receivables  dated in 19/08/2016 has entered into force by being published in the Official Gazette No. 29806. The possibility of paying debts such as administrative fines and tax penalties, the tax base for past periods and the taxpayer not being subject to the tax inspection, the possibility of correcting incompatible incompatibilities between the actual situation in the enterprises and the commodities, machinery, equipment and inventory items in the registers, Law No. 6552 with the amendment of the accounts receivable from the shareholders without penalty and without interest, the termination of the disputes through peaceful settlement, the granting of national economy with the tax free and privileged possibilities of domestic and foreign assets, declaration of undeclared or incompletely declared income and profits, The possibility of restructuring of the ongoing debts has been introduced by this law, including motor vehicle tax and customs duties and finalized tax liabilities, including traffic fines. The possibilities provided in this tax law are as follows:

Provisions providing protecton with tax consultation.

1. Structured Debts

a) To the Ministry of Finance, special provincial administrations and the municipal offices of the municipalities and to the finalized receivables of 30/06/2016; -There are no discounts or exemptions for the original tax. The entire tax penalty will be canceled. In addition to the full tax amount, 50% of the special irregularity penalties will be paid by the amount to be calculated on the basis of monthly change rates of the Domestic Producer Price Index (19/08/2016) published by the Law, instead of the default interest or default interest.

- 50% of the tax penalties incurred due to tax deductions incurred without deducting the tax and the amount to be calculated by taking into account the monthly change rates of the Domestic Producer Price Index, up to the date as published by this Law,.

b) To the Ministry of Finance, the special provincial administrations and the collection offices attached to the municipalities which are not finalized or are on trial at the date of the publication of the Law;

- The entire tax penalty will be cancelled. 50% of the original tax shall be paid together with the amount to be calculated on the basis of monthly change rates by the Domestic Producer Price Index until the date published by the Law instead of the delay interest or delay interest due to the tax liability and 25% of the special irregularity penalties shall be paid.

- The amount to be calculated on the basis of monthly change rates of the Domestic Producer Price Index will be paid up to the date published by this law instead of 25% of the tax penalties deducted from the tax penalties incurred without deduction of tax and participation and the delay amount of this taxpayer.

c) To the Ministry of Finance, special provincial administrations and the collection offices attached to the municipalities and for the receivables under review and assessment at the preliminary assessment date;

- The entire tax penalty will be cancelled. 50% of the original tax shall be paid together with the amount to be calculated on the basis of the monthly change rates of the Domestic Producer Price Index until the date published by the Law instead of the delay interest or delay interest due to the tax liability and also 25% of the special irregularity penalties shall be paid.

- The amount to be calculated on the basis of the monthly change rates of the Domestic Producer Price Index shall be paid up to 25% of the tax penalties incurred due to tax deductions incurred without deduction of taxes, and the delinquency amount of this taxpayer. Borrowers who wish to benefit from the provisions of the law must apply to the relevant authority until the end of the second month following the publication of the law (25/11/2016).

2. Tax Base and Tax Increase With this Law, the tax increases related to the income tax, the corporation tax, the income/institution withholding and the value added tax are made. No further assessment will be made for the period when the increase can be made in 2011, 2012, 2013, 2014 and 2015, and for the tax type. Taxpayers wishing to benefit from tax base and tax increase need to apply to the tax offices they are affiliated with until 25 November 2016 (inclusive). Amounts to be calculated as a result of applications;

It can be paid in one go, or can be paid within 6, 9, 12 or 18 equal installments. Amount determined on payments to be made in installments wıll be as follow;

a) 1,045 multiplied by the coefficient for 6 equal installment

b) 1,083 multiplied by the coefficient for 9 equal installment

c) 1,105 multiplied by the coefficient for 12 equal installment

d) 1,15 multiplied by the coefficient for 18 equal installment.

The final amount calculated as a result of this transaction will be paid in two-quarter period, divided by the number of installments selected.

Provisions providing protecton with tax consultation.

3. Records Correction It has been possible to make corrections in the case of commodities, machinery, equipment and fixtures which are not included in the registry

when they are present in the enterprise and in the case that they are not in operation when they are included in the records. Taxpayers wishing to benefit from correcting their business records and adjusting them to the actual situation need to apply to the tax offices they are affiliated with until 30 November 2016 (inclusive). The enterprises may register their commodities, machinery, equipment and fixtures which are not in their registry, if they are actually present, to their books by notifying them to the tax offices through an inventory list until the end of the third month following the date of publication of this law, at the fair value determined by them or the profession institution they are affiliated with.

The declaration will not be amortized for the included assets. Based on half of the rates subject to declaration of machinery, equipment, fixtures and commodities subject to declared value of machinery, equipment, fixtures and commodities subject to 10%, discounted rates (1% and 8%) subject to general VAT rate (18%) Value tax must be calculated and declared by VAT declaration. While it is possible to reduce the value added to the tax paid over the declared commodity price, it is not possible to reduce the amount of value added to the tax paid by calculating over the declared machinery, equipment and fixtures. Furthermore, the depreciation for the assets included in the notification will not be able to be deducted.

4. Asset Peace Real and legal persons;

- Foreign currency, foreign exchange, gold, securities and other capital market instruments,

- Money, gold, foreign exchange, securities and other capital market instruments and immovables will not be included in the statutory books in Turkey,

If they declare in the framework of the relevant provisions by 31/12/2016, they will be able to save such assets freely.

The taxpayers may record the amounts declared and declared in this scope in the statutory books without regard to the determination of the period earnings. Furthermore, it is possible to withdraw the assets declared under this law without operating the tax without accruing.

The greatest opportunity the law provides to taxpayers; The tax base / tax increase is not subject to the tax assessment for the calendar year or years in which the increase is made. However, in order to benefit from this facility, It is necessary to increase tax base for income or corporation tax as well as tax increase in value added tax.

In order to make use of the tax base / tax increase provisions of the law and the provisions of the debt restructuring, 30/11/2016, and to be able to benefit from the amendment provisions of the records.

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