Merchant – Muhasebe News

Be Careful While Paying or Getting Money!

MuhasebeNews — Fri, 17 Aug 2018 15:00:39 +0000

As stated below;
1- First and second class merchants,
2- The one whose commercial earnings is acquired on simple earnings basis,
3- Farmers who have to keep book,
4- Freelancer,
5- Artisan who is exempt from tax are supposed to certify commercial transactions carried out between themselves and receipts and payments valuing at more than 7.000 TL collected as goods and service charge from customers with documents prepared by banks, related finance institutions or postal authorities.

Source: Communique on Tax Procedure 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.

Am I Supposed to Pay the Rent via Bank?

MuhasebeNews — Sat, 28 Apr 2018 07:00:28 +0000

1- Am I Supposed to Pay the Rent via Bank?
1.1- Office rent, no matter how much it costs, SHOULD BE PAID VIA BANK.
1.2- House rent, if it is 500 TL and more, SHOULD BE PAID VIA BANK.

House rents which cost less than 500 TL can be paid cash if it is wished. That obligation is applied separately to each house rent. Such as, if you have rental income from 10 different houses and the rent of 5 houses is 450 TL for each. So, if you wish, you may collect them in cash.

2- Since When Has This Rule Been Applied?
This rule has been applied as of the date of 01 November 2008.

3- How Can I pay it Except from Bank?
The collection of revenues and payments can be made via BANK or PTT as of the date of 1.11.2008.

4- Is There Any Rent Which is not paid via Bank?
The rents which are not supposed to be paid via bank are listed below:
4.1- Housing rents valuing at less than 500 TL,
4.2- Collection of revenues from house and office rents by means of execution and court,
4.3- On the other hand, rental payments in kind are also not within the scope of this obligation.

5- I Didn’t Pay the Rent via Bank! What is the Penalty?
The penalty for not obeying this rule shouldn’t be less than the amount stated below and it should be 5% of the amount applied to each transaction. The minimum amounts of penalties are listed below according to their obligation type.
5.1- 1.370 TL for the first class merchants and self-employed.
(Bookkeepers on the basis of balance and bookkeepers for self-employment income)
5.2- 690 TL for second-class merchants, farmers who are bookkeepers and people whose earnings are based on simple basis. (Operating Ledger, Simple Entry)
5.3- 340 TL for people apart from these. (People who do not have perpetual tax obligation, Housewives, Retiree, Officer, Worker etc.)

Each transaction will be fined separately. That means if the rent should be paid via bank but not paid; the leaser and the leaseholder will be fined separately for 4 months.

Source: 1- Official Gazette Dated 29.7.2008 and Numbered 26951- General Communiqué on Income Tax Numbered 268
2- Tax Procedure Law-Duplicated Entry Numbered 355

Which Labor Relations are not subjected to Provisions of Labor Law in Turkey?

MuhasebeNews — Fri, 09 Jun 2017 07:38:46 +0000

Work and labor relations listed below are not subjected to provisions of Labor Law;
1- Household works
2- Every kind of building operations related to agriculture within the borders of family economy
3- Sea and air transport,
4- Establishments and work places related to agriculture and forestry where 50 or less than 50 workers are employed
5- About apprentices on condition that occupational health and safety provisions are reserved
6- Sportsmen/sportswomen
7- In workplaces where 3 workers are employed in line with article 2 of the Merchants and Craftsmen numbered 507
8- Handicrafts works done at home between a family’s members and second and third degree relatives without employing anyone out of family/relatives
9- People who are rehabilitated

Bank Cards and Credits Cards Law No. 5464 in Turkey

MuhasebeNews — Thu, 30 Mar 2017 07:25:23 +0000

What is the Purpose of this Law?
Article 1: The purpose of this Law is to ensure efficient and effective functioning of the card payments system by setting down the principles and procedures applicable to the issuance, use, clearing and settlement of bank cards and credit cards.

What is the Account Statement?
Article 10: A credit card account statement shall be issued in writing and sent in printed form or in electronic medium or by other effective and efficient means of communication upon demand of the card holder, within the framework of the procedures and principles to be determined by the Board.

Obligations Relating To Use of Cards
Article 15: Liability arising out of use of cards passes to the card holder as soon as the agreement is signed and the card passes to his possession or the card number with no physical existence is learned by him.
Signature box of the card must be signed by the card holder. If demanded by the merchant, the card holder is obliged to submit and show an identity document at the time of use of his card.
The card holder cannot be held liable for the damages and losses arising out of unlawful use of card in purchases of goods and services through various means of communication or through a purchase order form without an expenditure document pursuant to Article 20 of this Law.

Information and Safety of System
Article 18: Merchants are obliged to put and place the signs of acceptance of bank card and credit card at the entrance of their workplace and at other sites easily visible by the card holders, and to remove all such signs if and when their merchant agreement is terminated for whatever reason. Merchants are obliged to warn card holders if and when card transactions cannot be effected for a technical reason for a temporary period.
Merchants are liable to ensure safe operation of the systems to be established by them for enabling transactions through various means of communication or through a purchase order form without any expenditure document pursuant to Article 20 hereof.

What is the Transactions Not Requiring a Signature?
Article 20: Where it is not possible to issue expenditure or crediting documents due to nature of a transaction, the card may also be used by notification of the card number by the card holder via various means of communication or by using a code number, a cipher or another identification method usable as a substitute of signature.

What are the Conditions of Agreement?
Article 24: Relations between card issuing organizations and card holders will be governed by a written agreement to be printed with minimum twelve type size and in dark black letters in accordance with this Law and other applicable laws and regulations. A copy of this agreement will be delivered to the card holder and if any, to his guarantor. Card issuing organizations are obliged to give detailed information to the card holder about the use of card and the provisions of the agreement.
Form and minimum contents of agreements to be signed by the card issuing organizations with the card holders will be determined by the Board.
Minimum amount specified in the agreement cannot be less than twenty percent of the debt of the period. If the minimum payment amount stated on the account statement is not paid on or before the last payment date, the card holder cannot be held liable to pay any interest over the unpaid amount of debt, other than the delay interest specified clearly in the agreement.
For the transactions executed by the card holder, no payment may be requested in any form or under any name whatsoever such as interest, commission or expense, unless clearly incorporated and specified in the agreement, and no money may be set off from the card holder’s account in relation therewith. The agreement may not contain any clause which prejudices to the rights and interests of the card holder and provides unilateral, unfair and unjust benefits to the card issuing organization.
It will be stated in the agreement that the guarantor cannot be deemed to have fallen in default unless and until the unpaid debts of the card holder are duly notified to the guarantor. With regard to the increase of the limit of use of card or the amendments proposed in the agreement clauses resulting in an increase in the guarantor’s liability, the liability of the guarantor arising out of such additional or amended clauses may start only if and after a written consent of the guarantor is taken in relation therewith. The security on the use of credit cards is governed by and subject to the provisions of the Code of Obligations pertaining to simple and ordinary security and surety. The guarantor may not be demanded to pay the guaranteed debts unless and until all remedies are used for collection of the debts from the principal debtor.