31.08.2024/41

31.12.2023 Tax Procedure Law Communiqué on the Non-Inflation Adjustment of Taxpayers with Gross Sales Below TRY 50.000.000 in the Income Statement as of 2024 Second and Third Provisional Tax Periods has been published

With the Tax Procedure Law Communiqué numbered 563 published in the Official Gazette dated 31.08.2024 and numbered 32648, it is regulated that taxpayers whose total gross sales in the income statement dated 31.12.2023 are below 50.000.000 TL will not make inflation adjustment as of the end of the second and third provisional tax periods of the 2024 accounting period.

In determining the amount in question, the total gross sales in the income statement of the accounting period ending in the calendar year 2024 will be taken into account for taxpayers subject to the special accounting period.

Taxpayers included in the scope will not attach period-end balance sheets to the annexes of the declarations for the second and third provisional tax periods of the 2024 accounting period.

Taxpayers who are exclusively engaged in the continuous purchase, sale and production of processed gold, silver are not covered by the regulation. Therefore, the correction obligation of these taxpayers continues.

The Status of the Taxpayers who submitted their declarations for the Second Provisional Tax Period of the 2024 Accounting Period as of the Publication Date of the Communiqué

Due to the inflation adjustment, the deadline for the second provisional tax returns due by August 17 was extended until September 13. Within this period, taxpayers whose total gross sales in the income statement dated 31.12.2023 are below TRY 50.000.000 and who have submitted their second provisional tax returns do not need to correct their legal records for the period in question.

Taxpayers in this situation will declare the difference between the profit or loss records arising from the inflation adjustment and the profit / loss difference arising according to the non-inflation adjustment, in their declarations for the second provisional tax period of the 2024 accounting period, by showing them in the “Unallowable Expenses” or “Other Discounts” section of the “Exceptions and Discounts to be Deducted Even if There is a Loss” section, as the case may be. These taxpayers are required to submit a correction declaration as mentioned above. If the correction is made within the declaration period, no tax penalty or default interest will be paid.

You can access the relevant Communiqué here.

Sincerely,

BİLGENER

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