Currency-protected benefits extended through year-end

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With the regulation adopted by the Planning and Budget Committee of the Grand National Assembly of Turkey, interest and dividends obtained will be exempt from corporation tax if institutions convert their foreign currency in their balance sheet of March 31, 2022 into TL and invest them in deposits with a term of at least 3 months. In addition, the President will be authorized to request foreign currency from balance sheets dated June 30, 2022 and September 30, 2022. It was announced that as of April 8, the total account size in the currencies had reached 750.5 billion TL. With the regulation adopted by the Planning and Budget Committee of the Grand National Assembly of Turkey, interest and dividends obtained will be exempt from corporation tax if institutions convert their foreign currency in their balance sheet of March 31, 2022 into TL and invest them in deposits with a term of at least 3 months. In addition, the President will be authorized to request foreign currency from balance sheets dated June 30, 2022 and September 30, 2022. It was announced that as of April 8, the total account size in the currencies had reached 750.5 billion TL.

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5 PERCENT CUT

The Plan and Budget Committee of the Grand National Assembly of Turkey has accepted the bag proposal, which also includes regulations regarding SDIF and currency-protected deposits. In the accepted proposal, a partial modification was made to the article on payments for metro lines made by the Ministry of Transport and transferred to municipalities. Consequently, it will be essential to deduct a maximum of 5% in accordance with the procedures and principles determined by the President for these payments. This withholding will be made through Iller Bank. No changes have been made to the rate and method of deduction. AK Denizli Party MP Nilgün Ök said, “There is an ongoing project worth 78 billion liras,” while CHP Antalya MP Cavit Arı said, “A protocol has was signed between the municipalities and the Ministry of Transport. However, these protocols were changed during the process, and they were changed when the municipalities turned to the opposition. In fact, it is the payment of a certain share of income. Even if you are determined on this method, we believe that a maximum of 1% reduction should be made, not 5%,” he said. According to the proposal accepted after discussions, the Ministry of Transport or its affiliates will be able to operate the railway system, if there is a possibility to operate independently in the projects to be carried out in the next period, the president will decide.

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“DAMAGES TO THE HOLDING COMPANIES”

With further regulations passed, the SDIF will be able to sell businesses or assets due to financial condition, shareholding structure, market conditions or other issues. Shares of persons unlawfully convicted by the court can also be partially or totally sold. SDIF President Fatin Rüştü Karakaş said: “In the current situation, investments are needed. For example, there are machines in the textile factory, they are getting old. No credit status. Waiting for these companies will do more harm. This money will be put in the bank and a decision will be made based on the end of the court,” he said. With Article 8 of the proposal, the resources allocated to the SDIF will be freely used to the extent required by the duties and powers given by the Presidency regarding the monitoring of international proceedings brought against the State by this law and other laws. relevant. .

10 BILLION TAXES AVOIDED

Cengiz Yavioğlu, Deputy Minister of Treasury and Finance, briefly explained the latest situation of the protected currency deposit system as follows: “As of the 8th of this month, the total size of the Central Bank account is 387.1 billion. from TL. All accounts i.e. Ministry of Treasury and Finance plus Central Bank accounts amount to TL 750.5 billion. This corresponds to 1 million 249 thousand 39 accounts, including natural and legal persons. The amount of aid disbursed by the Ministry of Treasury and Finance to accounts due as of April 8 was TL 13.2 billion, and an aid payment of TL 1.6 billion was made by the Central Bank on the same date. In the realization, it is necessary to add the fiscal effect in addition to that. Therefore, we have waived a tax of TL 10 billion 164 million from the foreign currency profit of 10,000,765 taxpayers, to which we have waived the tax for the taxpayer.

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