December 2021 / Sistem Global Newsletter Summary
16 February 2022
February 2022 / Sistem Global Newsletter Summary
23 March 2022
TAX CONSULTACY 📝
| EXTENDED PERIODS OF CHANGES TO SOME VAT RATES! An Amendment to the Decree on the Determination of Value Added Tax Rates Applicable to Goods and Services in the Official Gazette dated December 31, 2021, and the Decree on the Term of Application of the Provisional Article 37 of the Value Added Tax Law No. 3065 (Decree Number: 5047). 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. |
| INTEREST RATES FOR REDISCOUNT AND ADVANCE TRANSACTIONS OF THE CENTRAL BANK HAVE BEEN UPDATED! With the resolution published in the Official Gazette No. 31707 dated January 2, 2022: The discount interest rate to be applied in rediscount and advance transactions made by the Central Bank against the notes with a maturity of three months or more is 14.75% annually and the interest rate to be applied is 15.75% annually. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. WITHHOLDING RATES WERE ADJUSTED FOR GOLD DEPOSIT AND PARTICIPATION FUND ACCOUNTS! In the Official Gazette dated December 31, 2021, “Decree on the Withholding Rates Stated in the Provisional Article 67 of the Income Tax Law No. 193 (Number of CB Decisions: 5046)” was published. Pursuant to the authority stated in the seventeenth paragraph of the Provisional Article 67 of the Income Tax Law, the deposit rate has been set at 0 percent for the income obtained from deposit accounts in gold or from participation fund accounts in gold converted into Turkish lira at the conversion price. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. PUBLISHED NEW REGULATION ON SALES REQUIREMENT TO CENTRAL BANK OF 25% OF EXPORT PRICE New regulations have been introduced regarding the obligation to sell the Foreign Currency to the Central Bank within the scope of the “Export Circular” that was published by the Central Bank of the Republic of Turkey (CBRT) on January 3, 2022 and the “Implementation Instruction for the Sale of Foreign Currency to be Performed with the Central Bank of the Republic of Turkey within the scope of the Supplementary Article 1 of the “Export Circular” on January 16, 2020. With this regulation, implementation instructions were determined on the obligation of companies exporting in US dollars, Euro and British pounds to convert 25 percent of their export costs to Turkish lira. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. PUBLISHED THE COMMUNIQUÉ ON GAIN EXCEPTION IN APPLICATION DEVELOPMENT FOR MOBILE DEVICES WITH SOCIAL CONTENT GENERATION This communiqué governs the procedures and principles governing Article 2 of Law No. 7338 on the Amendment of the Tax Procedure Law and Some Laws, and the repeating Article 20/B added to Income Tax Law No. 193. “Gain exemption in social content development and application development for mobile devices: Social content producers that share content such as text, images, audio, and video on the social network providers on the internet, are exempt from income tax for the revenues earned by those who develop applications for mobile devices such as smartphones or tablets, and for the revenues that they earn through electronic application sharing and sales platforms. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. CORPORATE TAX REQUEST FOR FOREIGN EXCHANGE GAINS IN FOREIGN CURRENCY AND GOLD TURKISH LIRA DEPOSIT TRANSFORMATION In the past few months the Ministry of Treasury and Finance has decided to take measures to prevent excessive exchange rate hikes; some interventions aimed to encourage the use of Turkish lira by preventive measures and exceptions, and support financial stability by converting to Turkish lira. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. AMENDMENTS AND ADDITIONS TO THE VALUE ADDED TAX COMMUNIQUÉ ON GENERAL APPLICATION Some amendments and additions have been made to the Communiqué on Amending the Communiqué on VAT General Application No. 40, published in the Official Gazette No. 31723 dated January 18, 2022. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. DEADLINE FOR DIVIDEND ADVANCE DISTRIBUTION The Communiqué on the Amendment of the Communiqué on Dividend Advance Distribution, published in the Official Gazette No. 28379 dated August 9, 2012, and numbered 1.Mükerrer Official Gazette dated January 18, 2022 and numbered 31723 was published. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. CORPORATE TAX RATE OF PRODUCERS AND EXPORTERS 1 POINT DISCOUNT With the Law No. 7351 published in the Official Gazette No. 31727 dated January 22, 2022, the paragraphs added to Article 32 of the CT Law No. 5520 and the Corporate Tax rate to be applied for the manufacturing companies and exporting companies that carry an Industrial Registry Certificate were reduced by 1 point. Thus, as of January 1, 2022, the corporate tax rate for manufacturers and exporters will be reduced by 1 point. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. REVENUES FROM OTHER INVESTMENT FUNDS ARE INCLUDED IN THE CT EXCEPTION! With the law no. 7351 published in the Official Gazette no. 31727 dated January 22, 2022, the profit shares obtained from other mutual fund participation shares that are subject to full taxation are exempt from Corporate Tax, in addition to the paragraph 1/a of Article 5 of the CT Law no. 5520. Nevertheless, there shall be no exemption for earnings derived from assets, gold and other precious metals in foreign currency and from mutual funds that have capital market instruments based on them. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. TRANSITION RATES TO E-INVOICE AND E-ARCHIVE APPLICATIONS RESET Click on the link below to view the amendments made to the Communiqué Serial: 535 amending the Communiqué Serial: XIII No: 509 of the Tax Procedure Law, published in the Official Gazette on January 22, 2022. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. THE DRAFT COMMUNIQUÉ REGULATING THE CORPORATE TAX EXCEPTION ON FOREIGN CURRENCY, INTEREST, DIVIDEND AND OTHER EARNINGS FOR FOREIGN CURRENCIES AND GOLD ACCOUNTS TRANSLATED INTO TURKISH LIRA WAS PUBLISHED With the addition of provisional Article 14 to the Corporate Tax Law No. 5520; a corporate tax exemption has been introduced for the exchange gains and interest and dividends generated at maturity, and for other gains from converting foreign currency and gold accounts included in the balance sheets dated december 31, 2021 into Turkish Lira. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. |
R&D AND INNOVATION MANAGEMENT 🔍
| AMENDMENTS WERE MADE TO THE RESOLUTION ON SUPPORTING INVESTMENTS UNDER THE ATTRACTION CENTERS PROGRAM The Decree amending the Decision on the Support of Investments under the Attraction Centers Program was published in the Official Gazette No. 31704 dated December 29, 2021. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. FAST SUPPORT PROGRAM FOR MICRO AND SMALL BUSINESSES! KOSGEB, the World Bank, and the Japan International Cooperation Agency (JICA) will support the MKIs affected by the COVID-19 outbreak in the “Quick Support to Micro and Small Businesses Project” program. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. A NEW ERA IN R&D AND DESIGN CENTER APPLICATIONS The following conditions will be applied for by the R&D and Design Center effective January 1, 2022: Applicant companies will be required to deposit an application fee of 5,000.00 Turkish lira, including VAT, through the relevant portal of the Ministry of Industry and Technology. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. TURKISH AGENCY FOR PROMOTING AGRICULTURE AND RURAL DEVELOPMENT (ARDSI) IPARD PROGRAM The Agriculture and Rural Development Support Institution (ARDSI) announced 11th Call for Applications on 14 January 2022. Within the scope of the Application Call Announcement, applications will be accepted within the scope of “Diversifying Farm Activities and Business Development” measures. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. TEYDEB 1501 PROGRAM SECOND CALL FOR 2021 RESULTS ARE ANNOUNCED! Following the evaluation of project suggestion applications made to the second call of the 2021 “Industry R&D Support Program 1501,” which SME-scale institutions can apply for;274 projects were supported.Assessment process for four projects is still in progress.👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. EUROSTARS-3 PROGRAM, LED BY INNOVATIVE SMES OPENED ITS 1ST CALL FOR 2022! With the participation of one Turkish partner and at least one Eurostars member country as part of the Eurostars-3 Program, support will be provided for international R&D projects aimed at developing innovative products, processes and services for the market. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. |
BUSINESS SOLUTIONS 🎁
| TURKEY-WIDE DEBT QUESTION BEGINS WITH FIVE POINT DISCOUNT In order to benefit from the five-point discount given in sub-paragraph (i) of the first paragraph of Article 81 of the Law No. 5510, the amendment to the debt inquiry was announced in the SSI Circular No. 2021/26, and the change of the start date of the implementation was announced through the SSI Circular No. 2021/30. With the five-point discount, the debt inquiry across Turkey started to be implemented as of January 2022 in accordance with the circular. In this context, debt inquiries will be performed at all workplaces that have the same tax number as the employer. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. SEVERANCE PAY CAP CHANGED The Ministry of Treasury and Finance, Directorate General of Public Financial Management and Transformation issued a circular on the Financial and Social Rights in January 2022 on January 6, 2022, setting the severance pay ceiling as 10,596.74 Turkish lira for 2022. The General Assembly of the TBMM approved the recently proposed law amending the Individual Pension Savings and Investment System Law, some laws and the Decree Having the Force of Law numbered 375. The rate of increase in public servants’ monthly and wage in the period January 1-June 30, 2022 has been increased from 5% to 7.5%. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. |
NEWS FROM US 📣
| FEBRUARY SCHEDULE FOR ONLINE TRAINING COURSES… We are back in February with our Extensive Online Training Courses on Various Interesting Topics! 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. |
| SİSTEM GLOBAL IS NOW IN THE BLACK SEA! With a quarter century of experience and an innovative global approach, we are now ready to support our ninth office in Samsun to meet all the needs of Black Sea region companies, from business development to globalization. 👉 Please contact us via info@sistemglobal.com.tr for all of your questions and opinions. |
