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Should we include or exclude the VAT when drawing out an invoice for exchange difference?

MuhasebeNews — Fri, 29 Mar 2019 15:30:21 +0000

My question is about invoices for exchange differences that occur when the prices of foreign exchange invoices of domestic sales are collected. Should we calculate the VAT by including it or additionally?

Exchange difference + VAT is calculated. The calculation is not made by including the VAT.

Example :
Exchange difference      : TRY 1.000
VAT – %18                          : TRY 180
General Total                   : TRY 1.180

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.

What is the basis for low or no value for rental income?

MuhasebeNews — Thu, 14 Mar 2019 14:25:36 +0000

Low Or No Value For Rental Income

“Equivalent rental value” is taken as bases in case of low or no value for rental income. According to this basis, equivalent rental income principle shall be applied on the conditions of;

Leaving the immovable property to the usage of other persons for free,
Lower value of rental income of rented immovable property than the equivalent rental value. The equivalent rental value in rented buildings and lands is the rental value determined by authorized specific authorities or courts, if it is available.

The equivalent rental value in property and rights for other than buildings or lands is 10% of their cost price. If this cost is not known, it is 10% of determined values of them calculated in accordance with valuation of property provisions of Tax Procedure Law.

Example: Taxpayer (A) gave up a flat valued 400.000 TL to one of his friends without charge in 2018.

Accordingly, although taxpayer does not obtain rental income, he should be supposed to obtain rental income in accordance with the amount reached after the calculation of equivalent rental value.

Equivalent rental value: 400.000 x 5% = 20.000 TL. This amount should be considered as income to be declared.

Equivalent rental value principle is not applied under the following conditions:

Leaving empty immovable properties to other person’s residence in order to protect the immovable,
Allocating the buildings to the residence of the property owner’s children, mother and father or siblings (But, if more than one house allocated to the residences of each of these persons, equivalent rental value is not calculated only for one of these houses. For example, if owner of property has allocated two houses to the residence of his child, it will not be calculated equivalent rental value for one house and for the second one it will be calculated.)
Accommodating of relatives with the property owner in the same house or flat,
Leasing done by General Budget and by Annex Budget Offices, by provincial administrations and municipalities and by other public institutions and organizations.

Source:gib.gov.tr
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.

When to write the severance pay as expense; when it is recognised or paid?

MuhasebeNews — Mon, 21 Jan 2019 12:30:52 +0000

Severance pays are only recognised as expenses when they are paid. SSI leave of an employee that quitted the job in December, 2018. A payroll was prepared and signatures were taken. But the payment was made in January, 2019. So should we include the stamp tax in the tax declaration of December, 2019 and pay it? Or record the payroll in the new year (January 2019) and then make payment to the tax office?

Recognition as an expense is made in 2019 as the payment was made in January. It appears in the tax declaration of January.

Are movie activities accepted as business income or independent business?

MuhasebeNews — Mon, 07 Jan 2019 06:30:59 +0000

What kind of income do activities of movie, video and television program production subject to? The employees will be insured. Are they business incomes on real taxation system? Or independent business income?

The earned income is business income on real taxation system.

Should we calculate the stamp duty on net or gross amount?

MuhasebeNews — Mon, 24 Dec 2018 17:30:36 +0000

We rented an Office for a year for sales department. The company who is the tenant draws up an invoice of TRY 5000 + VAT every month. How do we calculate the stamp duty on the Rental Agreement? Should we calculate on the net rent amount as TRY 5000 * 12 or on the gross amount as TRY 6250 * 12?

(24.12.2018 08:51)

Stamp duty is calculated yearly on the gross rent amount. 6 * TRY 250 * 12