Liability – Muhasebe News https://www.muhasebenews.com Muhasebe News Fri, 28 Feb 2020 08:43:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.3 Foreign currency reserves in Turkey decreased by 4.7 percent, while gold reserves increased by 2.4 percent https://www.muhasebenews.com/en/foreign-currency-reserves-in-turkey-decreased-by-4-7-percent-while-gold-reserves-increased-by-2-4-percent/ https://www.muhasebenews.com/en/foreign-currency-reserves-in-turkey-decreased-by-4-7-percent-while-gold-reserves-increased-by-2-4-percent/#respond Fri, 28 Feb 2020 09:00:36 +0000 https://www.muhasebenews.com/?p=78630 Foreign currency reserves in Turkey decreased by 4.7 percent, while gold reserves increased by 2.4 percent

According to the news published by Central Bank of Republic of Turkey, official Reserve Assets recorded USD 102.5 billion indicating 2.9 percent decrease compared to the previous month. As regards to sub-items, foreign currency reserves decreased by 4.7 percent to USD 73.5 billion, while gold reserves increased by 2.4 percent to USD 27.5 billion.

Short term predetermined net drains of the Central Government and the CBRT (foreign currency loans, securities, FX deposit liabilities) increased by 6.4 percent to USD 17.1 billion on net basis, of which USD 12.3 billion in principal repayments and USD 4.8 billion in interest repayments. Additionally, outstanding FX and gold liabilities arising from the CBRT’s financial derivative activities with resident and non-resident banks indicated USD 19.8 billion, of which USD 10.8 billion is due in one month.

Contingent short-term net drains on foreign currency consists of “collateral guarantees on debt due within one year” and “other contingent liabilities (“Banking Sector’s Required Reserves in Blocked Accounts in Foreign Currency and Gold” and “Letters of Credit” items in the CBRT’s balance sheet). These liabilities increased by 3.8 percent to USD 35.9 billion compared to the previous month.

Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/statistics/balance+of+payments+and+related+statistics/international+reserves-foreign+currency+liquidity
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.

]]> https://www.muhasebenews.com/en/foreign-currency-reserves-in-turkey-decreased-by-4-7-percent-while-gold-reserves-increased-by-2-4-percent/feed/ 0 Assets in Turkey increased by USD 1 million, while liabilities decreased by USD 1,502 million in November 2019 https://www.muhasebenews.com/en/assets-in-turkey-increased-by-usd-1-million-while-liabilities-decreased-by-usd-1502-million-in-november-2019/ https://www.muhasebenews.com/en/assets-in-turkey-increased-by-usd-1-million-while-liabilities-decreased-by-usd-1502-million-in-november-2019/#respond Thu, 06 Feb 2020 12:00:14 +0000 https://www.muhasebenews.com/?p=77076 Assets in Turkey increased by USD 1 million, while liabilities decreased by USD 1,502 million in November 2019

According to the news published by Central Bank of Republic of Turkey, regarding the table of Foreign Exchange Assets and Liabilities of Non-Financial Companies as of November 2019, assets increased by USD 1 million while liabilities decreased by USD 1,502 million, compared to October 2019. Accordingly, Net Foreign Exchange Deficit recorded USD 175,947 million indicating a decrease of USD 1,503 million compared to October 2019.

On the asset side; deposits held by domestic banks decreased by USD 1,212 million, direct investments abroad and export receivables increased by USD 216 million and USD 947 million respectively, indicating an increase of USD 1 million in assets. On the liability side; domestic loans decreased by USD 2,350, while external loans (excluding trade credits) and import payables increased by USD 7 million and USD 841 million respectively compared to October 2019. Accordingly, liabilities recorded a decrease of USD 1,502 million.

In November 2019, short-term domestic loans increased by USD 149 million, while long-term domestic loans decreased by USD 2,499 million compared to October 2019. Short-term external loans increased by USD 741 million, while long-term external loans increased by USD 107 million.

In November 2019, short-term assets recorded USD 103,993 million while short-term liabilities recorded USD 94,446 million. Accordingly, Short-Term Foreign Exchange Surplus recorded USD 9,547 million indicating a decrease of USD 1,105 million compared to October 2019. The share of the short-term liabilities in total liabilities is 32 percent.

Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/statistics/monetary+and+financial+statistics/fx+assets+and+liabilities+of+nonfin+companies
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.

]]> https://www.muhasebenews.com/en/assets-in-turkey-increased-by-usd-1-million-while-liabilities-decreased-by-usd-1502-million-in-november-2019/feed/ 0 Is someone who took over the share of a company required to apply to Tax Authority for E-Tebligat again? https://www.muhasebenews.com/en/is-someone-who-took-over-the-share-of-a-company-required-to-apply-to-tax-authority-for-e-tebligat-again/ https://www.muhasebenews.com/en/is-someone-who-took-over-the-share-of-a-company-required-to-apply-to-tax-authority-for-e-tebligat-again/#respond Wed, 19 Dec 2018 08:30:10 +0000 https://www.muhasebenews.com/?p=41998 …We took over all the shares of a limited company which has a single partner. Shares are also taken over by a single person, meaning that the company passed in to other hand. Are we supposed to apply to the Tax Authority for a new E-tebligat? If so, is there a specific time period for it?
(18.12.2018)

Yes. The Tax Authority will make the necessary changes and procedures. The changes regarding the liability are supposed to be made within a month.

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.

 

]]> https://www.muhasebenews.com/en/is-someone-who-took-over-the-share-of-a-company-required-to-apply-to-tax-authority-for-e-tebligat-again/feed/ 0 Is there stoppage in license fee paid in abroad? https://www.muhasebenews.com/en/is-there-stoppage-in-license-fee-paid-in-abroad/ https://www.muhasebenews.com/en/is-there-stoppage-in-license-fee-paid-in-abroad/#respond Mon, 03 Dec 2018 06:00:04 +0000 https://www.muhasebenews.com/?p=28199 According to the Corporate Tax Law no.5520, article number no.30 regulating tax paying conditions, without paying attention to commercial or agricultural earning;
1– Copyright’s
2- Prerogative’s
3- Invention’s
4- Management’s
5- Commercial Name’s
6- Brand’s and similar real property’s ,
Selling and transfer will be liable to tax
Within this regulation,  for the licenses providing services help using e-mail safely, there needs to be a tax deduction.

Source: Coporate Tax Law
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.

]]> https://www.muhasebenews.com/en/is-there-stoppage-in-license-fee-paid-in-abroad/feed/ 0 Rules and Procedures in Regard to Preparing Consolidated Financial Statements https://www.muhasebenews.com/en/rules-and-procedures-in-regard-to-preparing-consolidated-financial-statements/ https://www.muhasebenews.com/en/rules-and-procedures-in-regard-to-preparing-consolidated-financial-statements/#respond Fri, 17 Aug 2018 19:00:33 +0000 https://www.muhasebenews.com/?p=19587 What are Consolidated Financial Statements?
What are the Rules and Procedures in Regard to Consolidated Financial Statements?

Consolidated Financial Statements: Financial information presentation (in which the assets, equity, liabilities, and operating accounts of a company can be seen) and its subsidiaries are combined and shown as belonging to a single reporting entity.

These are the rules and procedures in regard to preparing consolidated financial statement;

– Financial statement items of a group company should be aggregated separately.
– Goods and service sales done between group companies are deducted from gross sales and cost of sales. Profit and loss generated from purchase and sale done within group should be eliminated also by applying it to corrected parallel stocks.
– Income and expense items generated from transactions done within the group are eliminated from each other like amortizations, interests and dividends.
– “Allowance for taxation on current period profit and other legal liabilities” related to all consolidated partnerships should be involved in consolidated financial statements.
– Profit belonging to non-community shares of community’s shareholders should be presented as “Minority Shareholders’ Profit and Loss” and as a discount item in financial statement.

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.

]]> https://www.muhasebenews.com/en/rules-and-procedures-in-regard-to-preparing-consolidated-financial-statements/feed/ 0 Accounting for Beginners #1 / Debits and Credits / Assets = Liabilities + Equity https://www.muhasebenews.com/en/accounting-for-beginners-1-debits-and-credits-assets-liabilities-equity/ https://www.muhasebenews.com/en/accounting-for-beginners-1-debits-and-credits-assets-liabilities-equity/#respond Fri, 10 Aug 2018 11:57:28 +0000 https://www.muhasebenews.com/?p=32257 https://www.muhasebenews.com/en/accounting-for-beginners-1-debits-and-credits-assets-liabilities-equity/feed/ 0 Which Discounts cannot be made in the detection of profit of company of limited liability to tax? https://www.muhasebenews.com/en/which-discounts-cannot-be-made-in-the-detection-of-profit-of-company-of-limited-liability-to-tax/ https://www.muhasebenews.com/en/which-discounts-cannot-be-made-in-the-detection-of-profit-of-company-of-limited-liability-to-tax/#respond Tue, 06 Mar 2018 15:07:32 +0000 https://www.muhasebenews.com/?p=27379 Which Discounts cannot be made in the detection of profit of company of limited liability to tax?
In the detection of profit of the companies which have limited liability to tax, provisions which are valid for the legally obligated companies, will be imposed.
1- Which Discounts cannot be made in the detection of profit of company of limited liability to tax?

In the detection of profit of company of limited liability to tax, making of above mentioned discounts cannot be accepted.

Interests given to the headquarters or to the branches except for locating in Turkey, for the sales and purchases for these institutions.

Except for the shares decided according to the allocation keys, which are decided according to the suitability principle of the detection of the profit in an institution located in Turkey, the shares separated for joining in the general administration expenses or loss of the branches located out of Tukey.

***Capital or Elective franchise is not necessary for the debts of the companies which have a limited tax liability.

2-How participation stocks are registered in transfer of the company?

Participation stocks given by the companies which carry out company transferring, is registered to the account of the branch located in Turkey.

***About the business or agriculture income of the companies except for the profits of the companies which have limited liability, provisions of corporate tax law will be implemented. However, if these profits and other incomes and earnings are attained in the scope of the trade operated in Tukey, company profit will be decided according to the tax law article number 1.

Source: Turkish Trade Law

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.

]]> https://www.muhasebenews.com/en/which-discounts-cannot-be-made-in-the-detection-of-profit-of-company-of-limited-liability-to-tax/feed/ 0 What is Value Added Tax in Turkey? https://www.muhasebenews.com/en/what-is-value-added-tax-in-turkey/ https://www.muhasebenews.com/en/what-is-value-added-tax-in-turkey/#respond Thu, 04 May 2017 11:01:21 +0000 https://www.muhasebenews.com/?p=15153 In Turkey, the Value Added Tax (VAT) Law entered into force on January 1st, 1985. By the VAT Law, some indirect taxes on consumption were abolished.

Turkish taxation system levies value added tax on the supply and the importation of goods and services. Liability for VAT arises;
(a) When a person or entity performs commercial, industrial, agricultural or independent professional activities within Turkey,
(b) When goods or services are imported to Turkey.

VAT is levied at each stage of the production and the distribution process.
However;
liability for the tax levies on the person who supplies or imports goods or services, the real VAT burden is on the final consumer. This result is achieved by a tax-credit method where the computation of the VAT liability is based on the difference between the VAT liability of a person on his sales (output VAT) and the amount of VAT that he has already paid on his purchases (input VAT). The Turkish VAT system employs multiple rates and the Council of Ministers is authorized to change the VAT rates within certain limits.

Source: Revenue Administration

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.

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