stores – Muhasebe News

Is the VAT rate still 8% when selling stores that are registered as assets?

MuhasebeNews — Thu, 03 Jan 2019 08:00:02 +0000

Which one do I have to pay regard to when selling a store that is registered as an asset of a construction firm, the VAT rate of 18% or the discounted amount (8%)?

8% will be applied until 31.03.2019.

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 Permanent Representative?

MuhasebeNews — Wed, 22 Mar 2017 12:40:53 +0000

1- HOW A WORK PLACE DETERMINED ACCORDING TO REVENUE LAW?
A work place is determined according to Tax Procedure Law.

2- WHAT IS PERMANENT REPRESENTATIVE?
Permanent representative, is authorized to fulfill a number of business transactions
2.1- by depending on represented,
2.2- On behalf of his/her name,
2.2.1- in a specific or undefined period of time with a labor contract or attorney agreement.

3- WHO ARE REGARDED AS PERMANENT REPRESENTATIVE OF A REPRESENTED?
People listed below are regarded as permanent representative of a represented without stipulating;
3.1- agencies (according to Turkish Code of Commerce),
3.1.1- Commercial representatives,
3.1.2- Merchants’ attorney,
3.1.3- Official merchants,

3.2- People whose expenses are paid fully or partially by the represented (excluding advertisement costs belonging to represented),
3.3- People who keep products in stores and warehouses on behalf of represented in order to sell them by means of consignation.

***Even if a person represents more than one person, he will still be regarded as permanent representative.

Source: Revenue 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.

Zara’s Net Profit Has Risen!

MuhasebeNews — Mon, 20 Mar 2017 08:54:45 +0000

Zara best known for fashion chain has declared 10% jump in its net profit.
The sale of Inditex, the owner of Zara was up 10 percent at the end of January.

The net profit of that Spanish firm was 3,16 billion Euro.

Inditex opened stores in 56 countries during the year, including first openings in New Zealand, Vietnam and Paraguay, bringing its total store count to over 7,200. It also launched online sales in Turkey.

Source: Euronews

Date: 20 March 2017