Lawyer in Turkey: February 2012

Thursday, February 16, 2012

Tax on Rental Income 2012 has been changed!

Today the Ministery of Finance will explain the new system of tax filing. According to the minister the new system of tax filing will completely replace the old system by which in the new system the lessor will receive a personal letter in which the tax is already been calculated. When you don’t have any objections about the amount the tax calculation will be final.

Until this year the public was requested to do a tax filing on its own. Each year before the 26th of March you personally had to fill in a form and send it to the local tax office.

ABC CONSULTANCY is a firm who the last couple of years helped you with your tax filing. ABC Consultancy confirmes that the new system will have a couple of defaults or unclearnesses, so also  the firm is willing to help and clear out the possible problems with the new system of tax filing.

What has been changed?
Yesterday the minister published the new system. So the difficult calculations that you each year had to fill in with help from advisors do no longer exist.

Until this year the public was requested to do a tax filing on its own. The Ministery decided to change this system and as a result from now on the Ministery itself will send a personal letter in which he has already calculated the amount of tax you have to pay. Already 1.200.000 letters has been send. The amount is based on information received from insurance companies, cadastre  and banks. The only thing you now have to do is to check the amount in the letter. If you accept is you can pay it. In case you do not agree with the amount or the information in this letter you can raise objections about it in which the burden of proof lays on you. Do you however give the tax office incorrect information, you risk a financial penalty of the tax payment with interest and an extra fine for the last 5 years.