Taxpayers with gross sales below TRY 50 million will not make inflation adjustment in the provisional tax
The Revenue Administration of the Ministry of Treasury and Finance, with the General Communiqué of the Tax Procedure Law No. 563, decided that taxpayers whose gross sales are below 50 million liras as of 31 December 2023 will not make inflation adjustments as of provisional tax terms.
Accordingly, after the opening of the Turkish Grand National Assembly in October, until the end of the year, if no legal amendment is made, inflation adjustment will be made annually with income and corporate tax returns.
Since the provisional tax declaration period for 2024/2nd period started on 1 August, taxpayers who submitted their declaration and paid their tax before this regulation will submit a correction declaration according to the amount that has not been inflation adjusted.
In fact, the limit of 50 million TRY is quite low and if the gross sales amount determined by the Ministry of Finance for 2004 for the taxpayers to be subject to inflation adjustment had been updated with the Domestic-Producer Price Index (D-PPI) until the end of today, this amount would have to be determined around 430 million TRY.
(For extra information bilgi@yeniekonomi.com.tr)