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Turkey implements further amendments to tax legislation

Up to now income and corporate taxpayers were required to pay their taxes on each 3 month’s income. Taxpayers declared their advance taxes and information of Ultimate Beneficial Owners (UBO) by submitting a declaration 4 times a year in quarterly periods.

Pursuant to the amendment to the Tax Procedural Law, advanced tax returns alongside the information of the UBO are required to be filed now 3 times a year, by the 17th of May, 17th of August and 17th of November. Additionally, corporate income tax return must be filed by the 30th of April on an annual basis.

Such amendment applies already to filings covering FY 2022 and onwards. Should there be misleading information, a fine for non-compliance of between TL 2,500 – 7,500 will be levied accordingly.