Resource Support Fund for Export is Repealed

 Resource Support Fund Taxation, significant cost for export companies, is reduced to 0% contribution rate for certain export goods.

The Cabinet has listed the goods for the %0 category as: animal and plant based oils, metal ores, cinder, organic chemicals, plastics and by-products, wood and wooden goods, glass and glass goods, iron and steel, copper and copper goods, aluminum and aluminum goods.

The related enactment can be viewed here (available in Turkish).

Written by Mükremin Akbulut, Posted in Taxation Law


Inconsistencies in headcount between tax and SSI declarations

 The headcount reported in monthly SSI premium declarations and in withholding tax returns is subject to cross-check by the state auditors. Therefore, inconsistencies between these declarations pose a risk.

It has been noted that state auditors have been forwarding random audit reports to related SSI Offices and seeking information from companies based on the cross-checked results.

This is a fairly recent practice given that inconsistencies between headcount reports in withholding tax and SSI declarations were not scrutinized before.

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


Regulation on the Social Security Insurance of Domestic Service Workers

 A communiqué regarding the social security insurance of domestic service workers within the scope of supplementary article 8 of the law on Social Security enumerated 5510 has been published and is in effect as of 01/04/2015. Domestic service work comprises domestic help such as cleaning, cooking, child as well as elderly care.

Domestic service workers are now categorized according to the days worked in a calendar month, threshold being 10 days. Accordingly, employers who employ domestic service workers 10 days or more are obliged to contribute the full SSI amount.

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


Anticipated Tax Benefits in Capital Increases

cott-group-semsiyeA new regulation1 aimed at encouraging incorporations, limited liability and comandite companies2 to invest in paid capital rather than foreign capital will enter into force on 01/07/2015 and allow:

A tax deduction3 for the paid portion of the increased capital to be calculated by the legally applicable interest rate.4 In the event where no profit is declared for the year in question, the tax deduction can be carried over to the subsequent tax year.
For companies who are considering a capital increase, it is recommended that they calculate the advantages to be gained with the new regulation.
Click here for the recent regulation5 (available only in Turkish) and contact your account representative for detailed information on the subject.

Law no : 6637 Date : 27/03/2015 Law amending certain laws and enactments.
  1. The said regulation is currently submitted for approval to the Presidency, and upon approval, will go into effect on 01/07/2015.
  2. Companies in finance, banking and insurance and state-controlled entities are out of scope of this regulation.
  3. 50% of the interest calculated at the related account period.
  4. The latest interest rate with respect to commercial bank loans in TL currency as declared by the Cenral Bank of Turkey.
  5. See art. 8.

Written by Mükremin Akbulut, Posted in Taxation Law, Turkish Commercial Code

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