The Revenue Administration of the Ministry of Treasury and Finance, with the General Communiqué of the Tax Procedure Law numbered 563, has decided that taxpayers whose gross sales are below 50 million lira as of December 31, 2023, will not make inflation adjustments as of the provisional tax periods.
Accordingly, after the opening of the Turkish Grand National Assembly in October, until the end of the year, if no legal changes are made, inflation adjustment will be made annually through income and corporate tax returns.
Since 2024/2 the provisional tax return filing period starts on August 1, taxpayers who filed their returns and paid their taxes before this regulation will submit a correction declaration based on the amount without inflation adjustment.
The determined limit of 50 million TL is quite low, and if the gross sales amount determined by the Ministry of Finance for 2004 for taxpayers who will be subject to inflation adjustment had been updated with D-PPI by the end of the year, this amount should have been determined around 430 million TL.
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