Tax Alert 4/2016
Q4/2016 Deadline for the Application of Wealth Amnesty is extended until June 30, 2017

As known, Article 7 of the Law regarding the Restructuring of Certain Receivables (Law No.6736) (“Tax Amnesty Law”) includes provisions in relation to the integration of certain assets into the national economy.

Q4/2016 Explanations in relation to Amendments made on the Income Tax Law by the Laws No. 6728 and No. 6745.

As known, certain amendments were made on Turkish tax legislation by the Laws No.6728 and 6745 published in August and September. Explanations in relation to amendments made on the Income Tax Law (Law No.193) by the abovementioned laws are included under the Income Tax Law General Communique (Serial No.295) (published in the Official Gazette dated December 23, 2016 and No.29927).

Q4/2016 The Liability for Issuing E-Invoice in relation to the Exportation of Goods is postponed to July 1, 2017

Through the Tax Procedural Law General Communique (Serial No.475) (published in the Official Gazette dated December 15, 2016 and No.29919), the period in relation to the obligation of issuing e-invoice during the exportation of goods and passengers' accompanied baggage has been extended to 1 July 2017.

Q4/2016 The VAT Refund by the Taxpayers having Inward Processing Authorization Certificate on the Delivery of Goods Destined for Export

Through the Communique making Amendments on the VAT General Implementation Communique (Serial No.8) (published in the Official Gazette dated December 13, 2016 and No. 29917), certain amendments have been made on the Section (No. IV/A-1.5.) of the VAT General Implementation Communique. Such amendments would briefly be stated as follows:

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Q4/2016 Additional Explanations on the Application of Cash Repatriation

Additional explanations have been made under the Tax Amnesty Law Communique (Serial No.4) (published in the Official Gazette dated December 02, 2016 and No.29906) in relation the application of cash repatriation which was regulated under Article 7 of the Tax Amnesty Law. Such explanations would be stated as follows:

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Q4/2016 Principles on Granting Project Based Government Supports

Procedure and principles on granting project based government supports have been determined under the Decree of the Council of Ministers (Decree No.2016/9495) (published in the Official Gazette dated November 26, 2016 and No.29900) (“Decree”).

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Q4/2016 Recent Amendments on Tax Inspection Process

Through the regulations published in the Official Gazette dated October 25, 2016 and No. 29868, certain significant amendments have been made on the regulations which establish the framework of the tax inspection process under Turkish Tax Law. These regulations would be stated as follows:

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Q4/2016 Significant Amendments to the VAT Law General Implementation Communique

Through the VAT Law General Communique (Serial No.7) (published in the Official Gazette dated 4 October 2016 and No.29847) certain amendments have been made to the VAT Law General Implementation Communique. Significant issues which have been regulated under the VAT Law General Communique would be stated as follows:

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Q4/2016 Certain Articles of the Double Taxation Treaty signed between Turkey and Belgium have been revised by the Protocol

The Protocol amending the “Avoidance of Double Taxation Treaty with respect to Taxes on Income” (“DTT”) signed between the Republic of Turkey and Kingdom of Belgium has been ratified through the Decree of the Council of Ministers (Decree No.2016/9214) (published in the Official Gazette dated October 5, 2016 and No.29848).

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Q4/2016 Certain Amendments on the Implementation of Investment Incentives

Amendments have been made to the Decree for Government Supports on Investments (Decree No.2012/3305) by the Decree of the Council of Ministers (Decree No.2016/9139) (published in the Official Gazette dated October 5, 2016 and No.29848). Such amendments would be stated as follows:

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Q4/2016 New Tax Rates, Amounts and Thresholds Applicable for 2017

The Value Added Tax rate in supply of fertilizer, raw materials used in the production of fertilizer and animal feeds is reduced to 1% by the Council of Ministers through its Decree (Decree No. 2015/8353) (published in the Official Gazette dated January 1, 2016 and No. 29580).

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Tax Team

The award winning Pekin & Pekin Tax practice team leaves regular compliance support to accounting firms and instead focuses on more complex cases, giving clients direct practical and innovative advice.

To discuss how these developments affect your business interests please contact either:

Fethi Pekin
Managing Partner
fpekin@pekin-pekin.com
or

Firat Yalçin
Partner, Tax
fyalcin@pekin-pekin.com

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