Pursuant to Real Estate Tax Law (No. 1319), paying real estate tax on land and buildings (real property) located within the boundaries of Turkey is obligatory. The real estate tax is a municipal tax levied on the value of real property, and the applicable tax rate varies depending on how the real property is classified. The property tax burden fall on the owners of the real property, and they are required to pay it.
Reserves are among the items that compose the joint-stock company's equity. Reserves are regulated in the Turkish Commercial Code (herein after referred as “TCC”). According to the Turkish Commercial Code, joint-stock companies are obliged to allocate statutory reserves in some cases.
The inauguration conference of ‘Technical Assistance Project for Fight Against Informal Economy and Improvement of Administrative Capacity of the Turkish Revenue Administration’ which is jointly financed by Turkish Republic and European Union was held in Ankara in May 3, 2016.
Traditionally, income taxation in Turkey is based on a dual system; namely the taxation of individuals’ personal income and taxation of corporations’ corporate income, regulated in two distinct laws.
Pursuant to Modigliani and Miller’s dividend irrelevance theory, companies’ dividend policies do not have any effect on shareholders’ wealth. Academics have asked why companies pay a significant proportion of their earnings as dividends if it does not affect shareholders’ wealth. In finance literature, this question is known as the “dividend puzzle”.
The new Turkish Commercial Code No. 6102 (hereinafter referred as “TCC” or “the new TCC”) consisting of 1535 articles was adopted by the Turkish Parliament on January 13th, 2011. But, for obtaining the acquiescence of business actors to the new law and allowing relevant institutions to prepare the secondary legislation, the Turkish Parliament decided to put the new code into force after one and a half years. Thus, the new TCC was put into force on July 1st, 2012.
Manager or the Board of managers (BOM) is one of the legal bodies of the limited liability company (LLC) that has the authority to direct and represent the company. The basic legal arrangements related to the manager and board of managers are explained below.
Upon receiving requests filed by taxpayers from various economic sectors, the Revenue Administration has declared with circular number VUK-82 / 2016-3 that the deadlines for submitting corporate income tax returns, the completion of the electronic books and uploading the certificates of those electronic book to the automation system are extended.
An article has been published in latest version of The Economist (April 9th 2016) under the heading Tax amnesties -Making Crime Pay. Article is about the tax amnesty offer planned by Indonesian Government. Indonesian Government estimates that rich Indonesian have perhaps $900 billion outside the country.
Based on relevant regulations made in Turkish Tax Procedural Law numbered 213, any tax-related notifications should normally be done either via post, official declaration or by a civil servant.
Board of directors (BOD) is one of the legal bodies of the joint-stock company (JSC) that has the authority to direct and represent the company. The basic legal arrangements related to the board of directors are explained below.
Traditionally, small and medium sized enterprises have come to be known as the backbone of the national economies and their vital significance for a sustainable and viable economic development never faded away.
The pace of growth and development in the Turkish economy and its foreign trade implications over the last decade, coupled with the deepening interconnectedness of markets across the globe and the interdependence of national economies - both those in geographical proximity to each other and those in distant continents - has brought topics related to direct and indirect foreign investment to the top of the agenda.
Based on the “prepared (pre-filled) rental income tax return” put in place back in 2012, the wider and more comprehensive ‘administration-prepared tax return’ went into effect as of March 1, 2016.
As briefly mentioned in previous articles explaining the principal aspects and basic working mechanism of the generous investment incentive system that was put into force with the promulgation of the Governmental Resolution on State Aids to Investments, there are nine types of investment benefits granted to eligible investors with differing combinations.
As pointed out in the first article of the Governmental Resolution on States Aids to Investments the overriding objective of designing a national investment incentive framework of this nature via classifying different types of investment schemes and zones and assigning varying combination of benefits to each schemes according to predetermined and elaborate conditions is;
The capacity of tax administrations to enforce national tax laws pertaining to limited liable taxpayers or full liable taxpayers with income from abroad goes beyond national borders. Many countries’ tax administrations are equipped with broad powers to ensure access to tax information by means of various regulations.
As pointed out in the previous article briefly dealing with the general principles and working mechanism of the Governmental Resolution on Investment Incentives, both the number and scope of individual benefits that a would-be investor is entitled to receive largely depend on which investment incentive scheme applies to the specific situation.