Is there VAT on the sale of real estate registered in the asset? (In Turkey)
If the company gives the real estate registered to the asset to the citizen or income and corporate taxpayer, is it correct to add VAT to the corporate income and calculate VAT on the invoice?
The income from the sale of the registered real estate in the asset is included in the account of 690.
On the other hand, 50% of the income obtained from the sale of the real estate keeping in the asset for more than 2 years can be exempted from the Corporate Tax.
If there are conditions in Article 5 of Tax Law and Article 17 of VAT, the VAT exemption is applied.
Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.
