Tax Procedure Law General Communiqué on Inflation Adjustment Published

On August 29, 2024, it was announced on the website of the Revenue Administration that the Tax Procedure Law (TPL) General Communiqué numbered 563 was sent to the Presidency for publication.

With the Tax Procedure Law General Communiqué No. 563 published in the Official Gazette dated 31.08.2024 and numbered 32648, a regulation has been made not to make inflation adjustment in the second and third provisional tax periods of the year 2024, among the taxpayers who are obliged to make inflation adjustment, those whose total gross sales in the income statement dated December 31, 2023 are below 50,000,000 TRY.

Taxpayers who have declared their 2nd provisional tax return as of the publication date of the Communiqué;

Taxpayers who have subjected their financial statements in the second provisional tax period of the 2024 accounting period to inflation adjustment and have submitted their provisional tax returns for this period as of the publication date of the Communiqué by recording the profits or losses arising after the inflation adjustment in their legal books, do not need to correct their accounting records for the related period.

The related taxpayers will declare the difference between the profit or loss records arising from the inflation adjustment and the profit / loss difference arising according to the non-inflation adjustment in their declarations for the second provisional tax period of the 2024 accounting period by indicating it in the "Other Deductions" section of the "Non-Deductible Expenses" or "Exceptions and Deductions to be deducted even if there is a loss" section, as the case may be.

Taking into account the regulations made with the General Communiqué on Tax Procedure Law No. 563, which was sent to be published in the Official Gazette, the deadlines for the submission of Income and Corporate Provisional Tax Declarations for the 2nd Provisional Tax Period of 2024 (April-May-June), which should be submitted until the end of September 6, 2024, and the payment periods of the taxes accrued on these declarations have been extended until the end of Friday, September 13, 2024.

The Communiqué enters into effect on the date of publication.

The circular on the extension of the Provisional Tax Period can be accessed from here. (In Turkish)

The circular on the inflation adjustment can be accessed from here. (In Turkish)

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