Are Delayed Payments Subject to Discount?
1- ARE UNPAID PREMIUMS SUBJECT TO DISCOUNT ACCORDING TO INCOME TAX LAW?
According to the amendments made in article 89 and 63 of the Income Tax Law, unpaid premiums cannot be subject to discount even if there is insurance policy.
2- ARE UNPAID PREMIUM PAYMENTS SUBJECT TO DISCOUNT?
Unpaid Premium payments are not subject to discount when determining the tax assessment of the related period (payment by making amendment).
Source: Income Tax Law
What is the VAT Ratio of Training Services in Turkey?
WHAT IS THE VAT RATIO OF CONSULTANCY AND TRAINING SERVICES?
The VAT ratio will be applied 8% for the educational services provided within the scope of;
Private Schools Law numbered 5580,
Turkish Social Service and Children Protection Institution Law numbered 2828,
Decree Law on Private School numbered 573.
That ratio will be applied 18% to the institutions except the list stated below.
Source: Value Added Tax Law
Is It Necessary to Submit a Declaration for Purchase – Sale and Interest Earned via Government Bond and Treasury bond?
1- WHAT IS THE MEANING OF GOVERNMENT BOND?
Government Bond; is a kind of debt security issued by Undersecretariat of Treasury in order to fulfill its more than 1 year debt needs.
With those financial instruments, government guarantees to pay it with its interest yield on the dates specified.
Legal persons can take advantage of government bonds. Furthermore, banks also can keep those bonds in asset item of their financial statements as an investment tool.
Those bonds can be fixed rate, floating rate and exchange rate indexed government bonds.
They are sold with discount sale price like commercial papers.
The difference between discount sale price and nominal price in the date of maturity will be the beneficiary’s income.
2- WHAT IS THE MEANING OF TREASURY BOND?
Those bonds are sold in order to obtain bonds for short term loans of the government in a short span of time.
Its expiry date is maximum 1 year.
The person who has bonds will get interest income after the price is paid to person who has bonds at the end of expiry date specified by the institution (on condition that expiry date of Treasury bond should be less than 1 year).
The person who has bonds will gain principal and interest income at the end of expiry date.
Treasury bond is issued by Undersecretariat of Treasury.
(It was discovered by Walter Bagehot in 1876)
3- ARE INCOMES GAINED THROUGH GOVERNMENT BOND AND TREASURY BOND SUBJECT TO DECLARATION?
State-run government bonds and treasury bonds (exported) are not subject to declaration regardless of the amount of their interest income gained in 2016.
They will not be subject to declaration even if a declaration is submitted because of other incomes.
Furthermore, incomes gained through sale and purchase of government bonds and treasury bonds in 2016 will not be subject to declaration regardless of their amounts like interest incomes.
In the event of a declaration because of other incomes, they will not be included in declaration. Tax cut (stoppage), which is done through sale-purchase and interest income by the bank, will be the final tax.
Source: Revenue Administration
What is the Period of Annual Leave of Journalists in Turkey?
1- WHAT IS THE ENFORCEMENT OF NOT PAYING THE FEES OF JOURNALISTS ON TIME?
The employers who do not pay the fees of journalists on time should pay 5% more for every passing day.
2- WHAT IS THE PERIOD OF ANNUAL LEAVE OF JOURNALISTS?
A journalist who works a certain period of time within a day;
2.1- has right to have 4 weeks paid annual leave on condition that he/she works at least 1 year.
2.2- If a person works in that profession more than 10 years, he/she has right to have 6 weeks paid annual leave.
***The seniority of a journalist is calculated according to his/her service period in that profession not calculated according to his/her service period in the same gazette.
2.3- If a journalist does not work in a certain period of time within a day, he/she has right to have 2 weeks paid annual leave for every 6-month working period.
3- HOW MANY YEARS SHOULD A JOURNALIST WORK IN ORDER TO HAVE SENIORITY INDEMNITY?
If a journalist works at least 5 years in that profession, he/she will have seniority indemnity. Seniority indemnity should be calculated in the first date when he/she enters in that profession.
4- HOW MUCH FEE SHOULD BE PAID IF A JOURNALIST WORKS DURING NATIONAL HOLIDAYS, GENERAL HOLIDAYS AND WEEKENDS?
According to that law, if a journalist work during national holidays, general holidays and weekend, those periods should be regarded as overworking. The fee paid for each overworking hour should be charged 50% more than the normal working hours.
Source: Press Law – Ministry of Labor and Social Security (MOLSS)
Is It Possible to Terminate Labor Contract of An Employee Who Has A Long Term Medical Report?
1- IS IT POSSIBLE TO TERMINATE LABOR CONTRACT OF AN EMPLOYEE WHO HAS A LONG TERM MEDICAL REPORT?
An employer may terminate an employee’s labor contract because of discontinuance related to health problems.
2- IF AN EMPLOYEE HAS A LONG TERM MEDICAL REPORT, IS IT POSSIBLE FOR HIM TO GET SENIORITY INDEMNITY?
In order to terminate labor contract because of long term medical report, that report period should exceed 6-week notification period which is determined due to working hours; and seniority indemnity should be paid as a result of termination of labor contract.
What is Fixed Salary?
1- WHAT IS FIXED SALARY?
When an employee gets his/her full salary even if he/she has compassionate leave (because of sickness or other reasons), his/her salary will be regarded as fixed monthly salary.
2- WHAT IS THE NETTING OF FIXED MONTHLY SALARY AND BENEFIT FOR TEMPORARY INCAPACITY RECEIVED BY EMPLOYEES WHO GET FULL SALARY EVEN IF THEY ARE SICK OR ON LEAVE?
Employee, who gets benefit for temporary incapacity because of medical report, may get fixed monthly salary by giving back those benefits to his/her work place.
How Many Days Does an Employer or an Employee Have in Order to Use his/her Right to Terminate Labor Contract?
The right to terminate labor contract based on situations being unfit for morals and good will presented in article 24 and 25 of the Labor Law numbered 4857 and vested to employer cannot be used later than 6 working days after the employer learns that the employee acts against morals and good will. Also he/she cannot use this right 1 year later after the fact in any case.
However, if the employee derives pecuniary advantage, 1-year period will not be taken into consideration. Because of these situations; the right to indemnity of an employer or an employee, who terminates his/her labor contract within the period stated above, is reserved.
Source: Labor Law
How to Make Use of E-Invoice Application?
HOW TO MAKE USE OF E-INVOICE APPLICATION?
1- Taxpayers, who issue limited number of invoice, are able to make use of it via E-Invoice Portal which becomes available in “www.efatura.gov.tr” and created in order to make people use main functions related to E-Invoice via internet.
2- Taxpayers, who issue in a large number of invoices and are in need of various invoicing and have developed information systems, are able to make use of E-Invoice system by means of integrating information systems with E-Invoice system.
3- Taxpayers, who issue in a large number of invoices or are in need of various invoicing, are able to receive and send E-Invoice via information system of a special integrator having technical competence in the event that their information substructure is not enough or they wouldn’t like to operate information systems.
Source: Revenue Administration
Is It Possible to Receive Seniority Indemnity After Marriage According to Turkish Labor Law?
1- IF A PERSON TERMINATES LABOR AGREEMENT AFTER MARRIAGE, CAN HE/SHE RECEIVE SENIORITY INDEMNITY?
The right to terminate labor agreement within 1 year after the date of marriage is exclusively given to women according to Turkish Labor Law. If a woman voluntarily terminates her labor agreement within 1 year after the date of her marriage, she has a right to receive seniority indemnity in the amount of 30 day salary for each year from the starting day of the employment. Woman employee is supposed to terminate her labor agreement within 1 year after the date of her marriage and demand her seniority indemnity.
SAMPLE 1: IF WOMAN EMPLOYEE TERMINATES HER LABOR AGREEMENT 10 MONTHS AFTER THE DATE OF HER MARRIAGE, IS SHE ENTITLED TO RECEIVE SENIORITY INDEMNITY?
If a woman has to terminate her labor agreement 10 months after the date of her marriage, she is entitled to receive seniority indemnity. According to article 14 of the Labor Law numbered 1475, it is clearly stated that if a woman employee voluntarily terminates her labor agreement within 1 year after the date of her marriage, she is entitled to receive seniority indemnity.
SAMPLE 2: IF A WOMAN TERMINATES HER LABOR AGREEMENT 1 YEAR 2 MONTHS AFTER THE DATE OF HER MARRIAGE, IS SHE ENTITLED TO RECEIVE SENIORITY INDEMNITY?
ıf a woman employee terminates her labor agreement 1 year 2 months after the date of her marriage, she is not entitled to receive seniority indemnity. According to article 14 of the Labor Law numbered 1475, it is clearly stated that if a woman employee voluntarily terminates her labor agreement within 1 year after the date of her marriage, she is entitled to receive seniority indemnity.
Source: Labor Law
In May 2017, the Amount of Limited Company Capital is 776 Million TL!
According to data related to companies which were established or went into liquidation in May 2017;
1- Established limited company capital is 776.179.000-TL, Corporation capital is 1.090.367.903-TL, and the total amount of capital is 1.866.547.903-TL.
2- The total amount of capitals of Corporation, Limited Company, Association, Open Company is 35.905.724.067-TL.
3- When examining the companies who went into liquidation, there are 142 Corporations, 5 Open Companies, 645 Limited Companies and 69 Associations.
Source: Turkish Union of Chambers and Commodity Exchanges