Legislation

COTTGROUP

08July2015

Severance ceiling base between July and December 2015

Income Tax Exempted Severance Pay

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According to the circular numbered 27998389-010-06-02-6235 released by the General Directorate of Budget and Fiscal Control on 03.07.2015 with the subject 'Financial and Social Rights', the coefficients used to calculate the wage of a civil servant have been revised effective 01.07.2015.

The following values have been calculated taking these coefficients into account, and shall be applied for the period between the dates of 01.07.2015-31.12.2015;

  1. Maximum severance pay to be exempted from income tax is 3.709,98.- TL,

To access the full circular in which these announcements were made, please click here

Please also be advised that the contents of this circular is in Turkish languge.

Written by Fırat Oktürk, Posted in Labour Law

29June2015

Social Security and Retirement for Turkish Expats

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Turkish expats living and working abroad may apply for retirement if they meet the eligibility requirements. Turkish residency is not a requirement during the initial application process, even though, it becomes mandatory in order receive pension payments. In order to benefit from this option, applicants will need to make contribution payments in order to receive their pension.

Written by Selma Kıy, Posted in Social Security Law and Regulations

24June2015

Update on the Mandatory use of E-invoicing and E-Book Keeping

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Electronic books and e-invoices were introduced to the Turkish accounting system in 2008, and started to be used voluntarily subsequently in 2010 and 2011. In 2012, certain tax payers were gradually required to use e-books and e-invoicing¹, and recently the Communiqué 454, published in the Official Gazette in 20/06/2015, has expanded its application to include:

Written by Mükremin Akbulut, Posted in Taxation Law

19June2015

AMENDMENT REGARDING NEW GENERATION CASH REGISTERS

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As it is known, cash registers used by persons engaged in retail trade were started to be replaced with the new generation cash registers containing POS features, and as of 01.10.2013, it became mandatory for those who use mobile EFT-POS devices in their operations to use New-Generation Cash Registers. Several amendments regarding the use of new generation cash registers have been made with the Communiqués No. 1 – 2,¹ published in the official gazette dated June 3rd, 2015.

Written by Mükremin Akbulut, Posted in Taxation Law

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