2011-4TaxBulletinsBulten-Nisan

TA X A M N E S T Y L AW I N T U R K E Y
TA X
21 Nisan 2011
,
Tax Amnesty Law in Turkey – How KPMG can help you?
Turkey recently introduced a wide-ranging tax amnesty on 25th February 2011.
Taxpayers have to claim the benefit of the amnesty until 2nd May 2011.
The Tax Amnesty Law aims to reach to a large scale settlement between the tax
payers and the tax authorities. Moreover, the Law at the same time provides
following shelter to entities against tax inspections for the corporate taxes, VAT,
payroll withholding taxes and other income withholding taxes for years from 2006
to 2009 if the tax payer makes a voluntary increase in its tax base and pays the
additional taxes.
Furthermore, the Tax Amnesty Law provides ability to the taxpayers to adjust the
“unrecorded” or “fictitious” inventories, cash and receivables/payables with the
shareholders, in return for payment of a certain amount of additional taxes.
Basic Opportunities of the Law
Below is a summary of the opportunities of Tax Amnesty;
• Indexation of the principal amount provides an advantage to pay less interest for
the unpaid tax payables,
• Reduction or write-off in tax penalties,
• Reduction in the principal taxes (in certain cases),
• Shelter for the tax inspection I if taxpayers benefits tax base increase options,
• Settlement of Tax Exposures through Regret Filings,
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Voluntary Tax Base Increase – Immunity against a Tax Audit
One of the most important arrangements brought with the Law is the application of
Voluntary Tax Base Increase which enables the taxpayers an immunity against a
tax audit related to the years and type of taxes that they have applied. The below
taxes are covered by the voluntary tax base increase;
• Personal Income tax,
• Corporate Income tax,
• Value-Added Tax,
• Income withholding tax (limited to specific payments such as payroll withholding
taxes, withholding taxes in respect of payments to lawyers, landlords and
construction work extending one year),
• Corporate withholding tax (withholding tax on lease payments to cooperatives and
construction work extending one year),
The application can be made for all or some of the years from FY2006 to FY2009.
For individual taxpayers, the voluntary declaration of tax base for previous years
can still be done even if there was no income tax declaration filed in the related
years which represents a significant opportunity for clearing any existing
incompliance that may have taken place in previous years. In such a case, the
declaration and payment will be made based on the minimum tax base announced
by Law No: 6111
Arrangements related to Declarations with Regret
Special reliefs have been introduced under the Law for the declarations which are
filed by the taxpayers on their own or with a regret provision.
• an instalment plan of up to 36 months for taxes calculated for returns filed with
regret and,
• all tax penalties, late payment interest and similar charges will be removed while
the principal taxes have to be paid with inflation indexation.
What we can do for you
We can work with you to ensure that your business is structured to minimize taxes
now and in the future; analyze the tax implications of business decisions, identify
tax opportunities; and select the best structure for proposed transactions and new
investments.
Within the scope of Tax Amnesty Law, we can analyze the tax opportunities for your
company. Our services may comprise;
• Evaluation of the existing disputes with the tax authorities in terms of nature and
administrative status and advice on the application of Tax Amnesty law provisions
• Evaluation of the advantages and disadvantages of the voluntary tax base
increase to your Company or personal taxes,
• The calculation of the tax base increase for each type of tax and help for
preparing the files and petitions,
• Discuss the potential tax exposures and analyze the impact of application of Tax
Amnesty,
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Contact us
• Assistance on the administrative process with respect to the Tax Amnesty
application,
• Health checks before voluntary tax base increase to assess the risks (mainly
interviews with you and management to make proper assessment)
For more detailed explanation on the Tax Amnesty provisions, please refer to our
detail Tax Bulletins on www.kpmgvergi.com
Tax Services
Yetkin Yeminli Mali Müşavirlik A..
Yapı Kredi Plaza C Blok
Kat 5 Büyükdere Cad.
Levent 34330 İstanbul
Tel. +90 (212) 317 74 50
Fax. +90 (212) 317 73 50
KPMG Ankara Ofis
Turan Güneş Bulvarı 15. Cadde
No: 41 Yıldızevler
Çankaya 06550 Ankara
Tel :+90 (312) 491 72 31
Fax : +90 (312) 491 71 31
For further details please contact our Tax Professionals:
Abdulkadir Kahraman
Partner, Head of Tax Services
Tel: +90 212 3177450 x 414
[email protected]
Yavuz Oner
Director, Tax Services
Tel: +90 212 3177450 x 442
[email protected]
KPMG İzmir Ofis
1456 Sokak No : 10/1
Punta İş Merkezi K: 11
Alsancak - İzmir
Tel : +90 (232) 464 20 45
Fax : +90 (232) 464 21 45
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