The Law on the Amendment to Tax Procedure Law and Certain Laws was published
Through the promulgation of Law No. 7318 on the Amendment to Tax Procedure Law and Certain Laws (“Law”) in the Official Gazette dated April 30, 2021 and numbered 31470, significant amendments have been introduced especially in Tax Procedure Law No. 213 (“TPL”).
The amendments made through the Law are as follows:
- In current practice, the invoice shall be issued within a maximum of 7 days from delivery of the goods or service. Invoices that are not issued within this period shall be deemed not to be issued at all. Through the Law, the Ministry of Treasury and Finance (“Ministry”) has been authorized to curtail this period or to impose an obligation to issue the invoice at the time the goods are delivered or the service is served.
- For those who do not comply with the aforementioned obligation, a special irregularity penalty shall be imposed at an amount of 3 per thousand of the total gross sales of the previous fiscal period, not less than 10 times the amount in Repeated Article 355/1 of TPL (TRY 2.500 for the year 2021) and not more than 1 million TRY.
- As a result of the interventions made on payment recording devices, those who change or delete the recorded information, and prevent the correct transfer of the data to the Ministry shall be sentenced to imprisonment for 3 to 5 years.
- If it is determined that the crimes mentioned in the above paragraph regarding payment recording devices are committed, a report regarding these determinations shall be drafted by the Tax Inspectors and the Tax Inspector Assistants, (i) without waiting for the completion of the inspection if it is learned during the inspection, (ii) without starting the inspection if it is learned by other means. With the opinion of the Report Assessment Commission, the situation shall be notified to the chief public prosecutor's office. Completion of the inspection shall not be required for filing a public action.
You may find the full text of the Law here.
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New Taxation Rules were introduced for Share Buybacks
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Procedures and Principles regarding the Wealth Amnesty were determined
The Revaluation Rate was determined as 9,11 % for 2020
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The Upper Limit of Stamp Tax to be Applied in 2021 was determined
Income Tax Tariffs Applicable on Remunerations and Income Other than Remunerations Acquired in 2021 were determined
The Communiqué on the Procedures and Principles Regarding Valuable House Tax was published
Special Communication Tax Rate was increased to 10%
VAT in Urban Transformation was reduced to 1%
SCT Rates on Electric Cars were increased
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Withholding Rate of Long-term Construction and Repair Business was increased
Limitation on Financing Expense Deduction is Back
Special Communication Tax as Deductible Expense
Amendments to Regulation on the Conciliation Before Assessment
The Period of VAT Reduction on Overnight Services in Accommodation Facilities Has Been Extended for 1 Month
SCT Amounts Imposed on Some Fuel Products Have Been Increased
The Corporate Tax General Communiqué No. 18 is Published
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The Period of VAT Reduction on Accommodation Services has been re-extended
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The Duration of VAT Rate Discounts on Certain Goods and Services is Extended Until 30 September 2021
The Period of Withholding Rate Reductions on Real Estate Rentals is Extended to September 30th
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