23.09.2022/62
Penalty for Non-Compliance with the Beneficial Owner Reporting Obligation
With the Law No. 7417 published in the Official Gazette No. 31887 on 05.07.2022, a new paragraph (9) was added to the first paragraph of Article 257/1 of the Tax Procedure Law (VUK), and the Ministry of Treasury and Finance was authorized to regulate beneficial owner notifications specifically.
Additionally, with the amendment made to Article 355 of the VUK through Law No. 7417, it is stipulated that in case of non-compliance with the regulations on beneficial owner notifications, a special administrative penalty as stated in the first paragraph of the article will be applied at three times the amount.
Before these changes, the regulations on beneficial owner notifications were made in the General Communiqué of the Tax Procedure Law No. 529 based on Article 257/1-4 of the VUK.
Now, the 541st General Communiqué of the VUK, which changes the section related to the basis of the 529th Communiqué, was published in the Official Gazette No. 31962 on 23.09.2022, and the legal basis of the regulation was changed to paragraph (9) of the first paragraph of Article 257.
As a result of this change, in case of non-compliance with the beneficial owner reporting obligations, the special administrative penalty as per Article 355/1-1 of the VUK will be applied at three times the stated amount (as of 01.01.2022, 3400×3=10,200.00-TL).
You can access the relevant communiqué here.
Best regards,
BİLGENER
