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last minute | New development regarding institutions that converted their assets into TL

By law, including provisional tax periods 2021 and 2022 with accounting periods 2023 Financial statements will not be subject to inflation adjustment, regardless of whether the conditions for inflation adjustment within the scope of the Tax Law are fulfilled in the fiscal period provisional tax periods.

The periods in which no inflation adjustments will be made will be considered as “the period in which the conditions for inflation adjustment are not fulfilled”.

31 December 2023 The dated financial statements will be subject to inflation adjustment regardless of whether the inflation adjustment conditions are met or not.

The profit/loss difference resulting from the inflation adjustment will be shown in the previous years’ profit/loss account. The previous year’s profit determined in this way will not be subject to tax, and the previous year’s loss will not be considered as a loss.

TAX EXCLUSION TO TL CONVERSION

In order to support financial stability by increasing the share of the Turkish lira in the total size of deposits and participation funds in the banking system, corporate taxpayers who convert their foreign currencies into Turkish lira will earn interest from their Turkish lira time deposit and participation accounts opened in this context, including the foreign exchange gains during the conversion. and dividends will be tax exempt.

In case the institutions convert their foreign currencies in foreign currency deposit and participation accounts into Turkish lira by the date of filing the declaration regarding the fourth provisional tax period, and evaluate the Turkish lira assets thus obtained in Turkish lira deposit and participation accounts with a maturity of at least 3 months, the exchange gains arising from the period-end valuation will be calculated. The portion of the last 3 months will be exempt from tax.

In addition, foreign currency gains on the date of conversion of foreign currency assets into Turkish lira and interest and dividends obtained at the end of maturity will not be taxed. The aforementioned exception will include support payments made by the Central Bank within the scope of supporting the transformation, and interest and dividends arising from the period-end valuation.

In this context, in case of conversion to Turkish lira after a temporary tax period, foreign exchange gains corresponding to the period between the end of the period and the date of conversion to Turkish lira will also be exempt from tax.

In case the institutions convert the assets in their gold accounts and the gold account balances against processed and scrap gold into Turkish lira at the conversion price, and evaluate the Turkish lira asset thus obtained within the specified minimum periods, the corporate income on the date the gold is converted into Turkish lira and those arising from the period-end valuation Interest and profit shares and other gains obtained at the end of maturity from accounts opened within this scope, including

??????In case of a loss due to the appreciation of foreign currencies or gold accounts during the conversion of both foreign currencies and gold accounts to Turkish lira, this loss will be taken into account in the determination of corporate income.

These exemptions will also apply to income taxpayers whose earnings are determined on the basis of the balance sheet. In case of withdrawals from the accounts opened within this scope, before the due date, taxes not accrued on time due to the exempted amounts will be collected by applying penalty and delay interest.

GOOD PARTY: NO ONE HAS THE RIGHT TO TRANSFER THE TAX OF THE POOR TO THESE SUCH PLACES

AKP Ankara Deputy Orhan Yegin stated that an area has been created where the citizens will not be victims of the exchange rate rise, they will be protected from risks by staying in the national currency and they will share the attitude taken against this order, and that the exchange-protected deposit and participation instrument has been put into use as a new tool, thus the artificial and He said extreme volatility has declined significantly.

Expressing that the new economic model is a model for everyone’s future, Yegin said, “Anyone who thinks about the interests of their country and nation should really embrace this policy from now on.”

Erhan Usta, Deputy Chairman of the IYI Party, stated that the nation was openly deceived and argued that this situation would cause a serious corporate tax loss.

Expressing that this mistake should be reversed, Usta said, “For one thing, it has no use as a reserve, it is money in the system. After that, it will demand money again, it will not change the demand for dollars much, but it will cause a very serious tax loss. In other words, no one has the right to transfer the tax of the poor to such places.‘ he said.

On the other hand, CHP Istanbul Deputy Ali Sugarmade his speech with a white helmet to draw attention and protest to the violence against healthcare workers.

Source Cumhuriyet

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