Haberler   
  English   
  Kurdî   
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 08/11/2024 02:40 
News  > 

The VAT refund amount has been increased to 50,000 TL.

The VAT refund amount has been increased to 50,000 TL.

31.10.2024 14:21

The Ministry of Treasury and Finance has raised the amount that can be refunded without the need for inquiries and reports for transactions that give rise to the right to a value-added tax (VAT) refund to 50,000 Turkish lira. With the new regulation, some exception details have been clarified, and small refund requests can be processed more quickly.

The amount that taxpayers can receive as a refund without any audit, sworn financial advisor (YMM) report, or collateral due to transactions that give rise to the right to a refund in value-added tax (VAT) has been increased to 50 thousand lira.

The amendment to the General Application Communiqué on Value Added Tax published by the Revenue Administration of the Ministry of Treasury and Finance has been published in the Official Gazette.

NO LUXURY TAX EXEMPTION

In the communiqué, regulations were made in accordance with the Law on Amendments to the Tax Laws and Certain Laws and the Decree Law No. 375 published in the Official Gazette in August. Accordingly, the communiqué included details regarding the regulation that VAT exemption will not be applied to services provided at ports for entertainment and sightseeing vessels, private yachts, and boats mentioned in the law. The exemption provisions regarding the delivery, maintenance-repair, and manufacturing of sea, air, and railway vehicles suitable for freight and passenger transportation were also added to the communiqué.

"EXEMPTION GRANTED TO DISASTER AREA"

Transactions related to the construction of real estate located in areas accepted as disaster zones to be donated to public administrations with general budgets, as well as the delivery of housing to be donated to public administrations with general budgets to foreign state institutions and organizations, were also regulated by the communiqué.

Additionally, the communiqué included a regulation that allows the professional receipt to be issued in the name of the losing party in cases where the attorney's fees charged to the other party by courts or enforcement and bankruptcy directorates are paid to the attorney. Thus, the differences between VAT legislation and income tax legislation were eliminated.

SMALL REFUND REQUESTS WILL BE PROCESSED QUICKLY

To ensure the rapid processing of small refund requests without requiring a tax audit report, YMM report, and collateral, the lower limit in the current application has been increased from 10 thousand lira to 50 thousand lira per month. Thus, the amount that taxpayers can receive as a refund without any audit, YMM report, or collateral due to transactions that give rise to the right to a refund has been determined as 50 thousand lira.

As part of the reduction of procedures for refunds in sectors with relatively low risk, it has been made possible to fulfill refund requests arising from exploration, operation, and enrichment activities related to gold, silver, and platinum without requiring a tax audit report, YMM report, and collateral.

Public service institutions and organizations, as well as municipalities, will be evaluated as services provided within the scope of any business's commercial, industrial, and agricultural activities. The principles regarding the issuance of VAT exemption documents requested based on investment incentive certificates issued in the name of these institutions and organizations have been determined if they have separate economic enterprises within the scope of commercial activities.

In the execution of refunds, the limits for requesting documents related to the Discounted Collateral Application System and the Accelerated Refund System Certificate, which positively discriminate in favor of tax-compliant taxpayers, have been updated based on the revaluation rate.



 
Latest News
  • RAMS Başakşehir drew 2-2 with Copenhagen.
  • RAMS Başakşehir drew 2-2 with Danish representative Copenhagen in the 3rd week of the UEFA Conference League. The orange-blues earned their first point in the tournament and became the first Turkish team to remain unbeaten against Copenhagen in an away match.
  • 23 minutes ago...

  • Fenerbahçe lost to AZ Alkmaar 3-1.
  • In the 4th week of the UEFA Europa League, Fenerbahçe, which visited the Dutch team AZ Alkmaar, left the field with a 3-1 defeat. With this result, the yellow-blues remain at 5 points and will travel to Slavia Prague next week.
  • 43 minutes ago...

  • Israeli supporters who took down the Palestinian flag threw it into the river.
  • Before the Ajax-Maccabi Tel Aviv match played in the Netherlands, Israeli fans took down a Palestinian flag that was hanging from a building. Muslims in the area, reacting to the incident, first assaulted those who took down the flag and then threw them into the river while chanting "Free Palestine."
  • 3 minutes ago...


  • "Flash post after Galatasaray's victory over Tottenham"
  • Galatasaray shared a video with the note, "Another team has been added to the list of teams we have defeated in Europe," following their victory against Tottenham. The video quickly became a hot topic and received a flood of interactions.
  • 22 minutes ago...

 
 
Top News