Taxpayers With Single Entry Bookkeeping Responsibility Need to File Taxes by February 25

Taxpayers whose revenues consist of merely commercial earnings determined through single entry accounting procedures (bookkeeping) are expected to file their tax returns to respective tax offices between 1 - 25 February, 2016. Tax amount computed on the tax base declared with annual tax return is to be paid in two equal installments, first until 29th February and the second until 30th June, 2016.

For the taxpayers that have other revenue elements besides those calculated via single entry bookkeeping method within certain conditions determined by the Tax Administration, it is obligatory to file the annual tax return between 1-25 March, 2016, as they would be elevated to the statue of ‘double entry bookkeeping taxpayer’ by the relevant regulations. In this case, the tax amount calculated on the tax base declared will be paid in two installments, one until 31th of March and the other until 31th of July, 2016.