Tax Alert 2014/3  
 
 
The Double Tax Treaty Signed Between Turkey and Vietnam

The Convention between the Socialist Republic of Vietnam and the Republic of Turkey for the Avoidance of Double Taxation with respect to the Taxes on Income and the Prevention of Fiscal Evasion (the “Treaty”) was signed in Ankara on July 8, 2014.

 
 

Turkey Agrees in Principal on FATCA Model Agreement 1-A

The Foreign Account Tax Compliance Act (“FATCA”) is a U.S. federal law that requires U.S. persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (“IRS”) about their U.S. clients.

 
 

The Draft Code regarding the Restructuring of Certain Public Receivables has been submitted to the Grand National Assembly of Turkey

The Draft Code regarding the Restructuring of Certain Public Receivables and Amendments on Certain Laws and Decrees Having Force of Law (the “Draft Code”) was submitted to the Presidency of the Grand National Assembly of Turkey on June 2, 2014.

 
 

Amendments on the Implementation of Investment Incentives

Through publication of “the Communique No. 2014/2 regarding the Application of the Council of Minister’s Decree on Government Subsidies for Investments” (the “Communique”) (published in the Official Gazette dated May 08, 2014, No. 28994) and the Council of Minister’s Decree No. 2014/6058 (the “Decree”) (published in the Official Gazette dated May 09, 2014, No. 28995), several amendments have been made to the implementation of the current investment incentive system.

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The Value Added Tax (“VAT”) Implementation General Communique repealing all of the VAT Communiques becomes effective as of May 1, 2014.

As it was explained in our Legal Alert: Tax 2013/1; pursuant to the Council of Ministers Decree No 2012/4116, Resource Utilization Support Fund (published in the Official Gazette in August 26, 2006 and No. 20264) (the "RUSF") rates have been determined again with regard to foreign currency and gold loans extended by foreign residents to Turkish residents other than banks and financial institutions, which will be applicable to the loans granted after January 02, 2013.

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The “Protocol Amending the Double Tax Treaty between Turkey and Malaysia” Enters into Force

As it was announced in our Tax Newsletter dated November 28, 2013 and No.2013/3; Article 25 “Exchange of Information” of the Double Tax Treaty between Turkey and Malaysia was amended through the Protocol signed on February 17, 2010 (the “Protocol”).

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The Communique introducing the Withholding Tax Application for Special Consumption Tax Enters into Force

Under the Special Consumption Tax General Communique No.34 (“Communique”) (published in the Official Gazette dated April 19, 2014, No. 28977); the Ministry of Finance brings withholding tax application based on its authority provided in accordance with Article 4 of the Special Consumption Tax Code (“SCT Code”) (Law No.4760) (published in the Official Gazette dated June 12, 2002, No. 24783) for the supplies of goods stated under the GTIP No. 38.11 of Schedule B of List No. (I) attached to the SCT Code by special consumption taxpayers (apart from the refineries introduced under the Petroleum Market Law No.5015).

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The Issuance of Receipt Becomes Mandatory for Financial Institutions in Relation to Their Activities Which are Subject to Banking and Insurance Transaction Tax

Financial institutions that are incorporated in Turkey carry out their activities in accordance with the Financial Leasing, Factoring and Financing Companies Law (Law No.6361) (published in the Official Gazette dated December 13, 2012 and No.28496).

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The Important Issues that shall be Considered in the Application of E-Invoice

As it is known, the e-invoice application was regulated under the Tax Procedural Code (“TPC”) General Communique No.397 (published in the Official Gazette dated 5 March 2010, No. 27512). The e-invoice application was designed as an application which could be chosen and used voluntarily by taxpayers.

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