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Serbest Muhasebeci Mali Müşavir

New Tax Amnesty Legislation will Enter into Force

What is the scope of regulation?

The tax amnesty law which will enter into force includes some important arrangements on the following:

Although the draft legislation is referred to as the “amnesty of the century” in the statements made by the Presidency and the Ministry of Treasury and Finance regarding the legislation, we observe that the draft legislation contains very similar regulations to the previous amnesty laws.

1- Restructuring of the outstanding tax liabilities,

2- Restructuring of the tax liabilities related to tax assessments or tax liabilities at the court stage,

3- Voluntary increase in the tax base,

4- Accounting corrections,

The regulations to be brought by the tax amnesty law are summarized below;

1. Restructuring of the outstanding tax liabilities

The Law restructures the outstanding tax liabilities whose due dates are as of 31 December 2022.

Within the scope of this restructuring, the amount due is re-calculated and an installment plan for up to 48 months is applied with additional pro rata interest payment.

2. Restructuring of the tax liabilities related to tax assessments or tax liabilities at the court stage

Under the tax amnesty law, if a certain amount of the disputed tax and related penalties, and an amount that is calculated by using the Domestic Producer Price Index rate (instead of late payment interest) are paid, a certain amount of the tax and penalties, as well as the interests and penalties, are removed.

3. Tax Base Increase

The law envisages that in case tax bases or tax amounts for the last five years are increased at certain rates, no tax inspections/or assessments will be made regarding the years 2018–2019–2020–2021

Tax base and the tax increase will be made in the following four tax groups:

-Income Tax,

-Corporate Income Tax,

-Withholding tax (related to certain limited payments),

-Value Added Tax,

According to the Law, the tax rate of 15% instead of 20% will be calculated for those who submitted their annual income tax returns related to the year for which the increase was introduced in a timely manner, and who paid their taxes accrued over these returns on time, and who do not have any finalized or disputed income tax debts.

Some important points regarding the Corporate Income Tax base increase are summarised below

- The 50% of the carry forward losses related to the tax base increase years will not be offset against the 2023 and following years.

- Regarding the taxation periods when there was an increase in the tax base, the assessments made prior to the promulgation date of the Law will be considered together with the relevant period return. Assessments that were not finalized as of the promulgation date of the Law will be disregarded.

- Minimum tax bases identified for the related years for the companies operating in the interim period due to reasons such as starting a job and leaving a job will be calculated considering the number of months in which the operation was continued (month fractions regarded as full months).

The amounts that can be deducted from the tax base in the following years due to the exemptions and deductions as well as the previous years’ carry-forward losses cannot be deducted from the increased tax bases.

4. Accounting corrections,

The Draft legislation provides taxpayers with the option to rectify their accounting records without incurring any tax penalties or interest charges.

a-)Commodities, machinery, equipment, and fixtures that exist in the company but are not included in the records

b-)Goods that are in the accounting records but not available in the company

c-)Cash balance and receivables from partners, which are not included in the accounting records but not in the company


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