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Imports of hard coal increased by 6.8% monthly (In Turkey)

Solid Fuels, November 2019, in Turkey


Source: TurkStat
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 Karen Audit 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.


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Can taxpayers, who are not obliged to use e-Document applications, apply e-Ledger, if they want?

Yes, those who are optionally included in the e-Ledger application can keep their books as e-Ledger from the beginning of the month following their application. Taxpayers, who have voluntarily applied, are also not obliged to use e-Document applications.


Source: ebelge.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 Karen Audit 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.


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Do companies that are subject to independent audit have to apply e-Invoice and e-Archive Invoice?

No, these taxpayers do not have to apply e-Invoice and e-Archive. If the taxpayers within this scope perform activities determined in the General Communique of Tax Procedure Law No. 509 or exceed the determined revenue amounts, they are obliged to apply e-Invoice and e-Archive Invoice.


Source: ebelge.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 Karen Audit 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.


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Consumer confidence index in Turkey realized as 58.8 in January 2020

Consumer Confidence Index, January 2020 in Turkey

Seasonally adjusted consumer confidence index calculated from the results of the consumer tendency survey carried out in cooperation with the Turkish Statistical Institute and Central Bank of the Republic of Turkey increased by 0.1% compared to the previous month. The index became 58.82 in January while it was 58.77 in December.
Seasonally adjusted consumer confidence index, January 2020

Financial situation expectation index realized as 79.5
The financial situation expectation of household index in the next 12 months period which was 77.7 in December increased by 2.3% and became 79.5 in January.
General economic situation expectation index became 77.4The general economic situation expectation index in the next 12 months period which was 76.5 in December increased by 1.1% and became 77.4 in January.

Number of people unemployed expectation index became 56.8

The number of people unemployed expectation index in the next 12 months period which was 57.1 in December  decreased by 0.5% and became 56.8 in January.

Probability of saving index realized as 21.6

The probability of saving index in the next 12 months period which was 23.8 in December decreased by 9.1% and became 21.6 in January.

Seasonally adjusted consumer confidence index, sub-indices and rate of changes, January 2020

Seasonally adjusted consumer confidence index and indices concerning consumer tendency, January 2020


The next release on this subject will be on February 20, 2020.
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EXPLANATIONS

In monthly consumer tendency survey, consumers’ assessments and expectations on financial standing and general economic situation, also their expenditure and saving tendencies are measured.

The consumer confidence index calculated from the survey results is evaluated within the range of 0-200. It indicates an optimistic outlook when the index is above 100, but it indicates a pessimistic outlook when it is below 100.

The increase in probability of borrowing money index, which is the one of the indices concerning consumer tendency indicates an optimistic outlook while decrease in index indicates a pessimistic outlook. Similarly, increase in assessment and expectation in consumer prices change rate indices indicate a decrease in assessment/ expectation in consumer prices and vice versa.


Source: TurkStat
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 Karen Audit 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.


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Can we state minimum wage on the system for our employee who has obtained work permit? (In Turkey)

Can I state minimum wage on Social Security system for the employee who has obtained work permit?

Directorate General of International Labor Force has determined the minimum wages of foreign workers working in certain professions. Profession code is mandatory. The minimum wage can be paid for unskilled workers, if the parties specify this condition in the employment contract.


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 Karen Audit 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.


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If we pay wage to our employee who is on maternity leave, should we pay Social Security premium too? (In Turkey)

Should we pay Social Security premiums, when we continue to pay the wage to the employee who is on maternity leave? If we pay as an advance and then deduct, is it possible not to pay the Social Security premium?

All payments in cash and other ways paid to the employee are subject to Social Security premium.

If the employer wants to pay wage to the worker on maternity leave, the employer must pay the premium of the wage payment and must check the box “Didn’t work” on the system.


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 Karen Audit 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.


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Domestic visitors spent 23 billion 344 million 390 thousand TL

Household Domestic Tourism, Quarter III: July-September, 2019 in Turkey

In the third quarter; which is July, August and September months of 2019, 24 million 264 thousand residents had domestic trips. Domestic trips with one or more than one overnights, decreased by 1.8% compared to the same quarter of the previous year and declined to 31 million 939 thousand trips. In this quarter, domestic visitors made 309 million 342 thousand overnights. Average number of overnights was 9.7.
Number of domestic visitors, trips and overnights, Quarter III: July-September, 2019
Number of overnights, Quarter III, 2019   Average number of overnights, Quarter III, 2019
Domestic visitors spent 23 billion 344 million 390 thousand TLIn this quarter, trip expenditures of domestic tourists increased by 10.4% compared to same quarter of previous year and reached to 23 billion 344 million 390 thousand TL. In this quarter, while 89.6% of domestic tourism expenditure was individual with 20 billion 911 million 667 thousand TL, 10.4% of it was package tour expenditures with 2 billion 432 million 723 thousand TL. Average expenditure per trip was 731 TL.

Travel expenditures of visitors, Quarter III: July-September, 2019

Total trip expenditures, Quarter III, 2019   Average expenditures per trip, Quarter III, 2019

In this quarter, according to rate of change of trip expenditures compared to same quarter of the previous year, the highest increases were health expenditures with 36.1%, other expenditures (sports, entertainment, education, jewelry, gold, silver, carpet, rug etc.) with 21.1% and accommodation expenditures with 14.3% respectively.

Rate of change of expenditure types over the same quarter of the previous year (%), Quarter III, 2019

Primary purpose of trip was “visiting relatives” with 60.5%

The secondary purpose of trip was “travel, leisure, holiday” with 33.8% and the third was “health” with 3%.

Distribution of trips according to the purpose of trip, Quarter III, 2019

Domestic visitors stayed mostly at house of friend and relative

In this quarter, according to number of overnights by type of accommodation, domestic visitors stayed mostly at “house of friend and relative” with 193 million 611 thousand overnights. While “own house” took second place with 71 million 611 thousand overnights, “hotel” took third place with 22 million 391 thousand overnights.

Distribution of overnights according to the type of accommodation, Quarter III, 2019

The next release on this subject will be on April 22, 2020.


Source: TurkStat
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 Karen Audit 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.


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Are part-time employment contracts notified to Social Security Institution? (In Turkey)

The employment contract must be kept in the personnel file of the employee by the employer in the event of audit for information and documents regarding the missing days of the workers or if requested by the institution.


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 Karen Audit 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.


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What foreign exchange rate should we use when we book abroad invoices that are sent late? (In Turkey)

If the abroad invoice comes to us late, does the exchange rate be the booking date, not the invoice date, while the invoice is booked in the month when it comes?

The documents are booked in the legal books according to the dates written on documents. Foreign currency values are valued according to the exchange rate on the date of the document. In payments, it is valued according to the date it was paid.


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 Karen Audit 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.


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Is an expense note issued for vehicles purchased from non-taxpayers? (In Turkey)

One of my taxpayers engages in the purchase and sale of second-hand vehicles, has purchased a vehicle with a notarial contract from a non-taxpayer. Should we issue a separate expense note for this vehicle purchased with a notarial contract?

The expense note is issued. Income tax withholding and VAT are not calculated.


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 Karen Audit 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.


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