Merhaba!
I am Halil Tamer Demir from Tokyo Consulting Firm Turkey Office.
I hope you all are safe and stay healthy.
I will share the information about tax regulation in Turkey.

In 04.02.2021, the Presidential Degree No: 3490 published in the Official Gazette and came into force.
The Presidential Degree is about limitation of non-deductible expenses.
According to that, the rate of non-deductible financial expenses is set at 10%.
Furthermore, the rate is same for all sectors, regardless of whether the President can adjust the rate for each sector.

Income taxpayers and corporate income tax payers whose borrowings exceed equity are unable to deduct 10% of the excess borrowing costs
(such as interest, commission, exchange rate differences, maturity differences).
The concerned 10% portion will be treated as a non-deductible expense in the determination of the taxable income base.

However, there are some uncertainties regarding implementation.
But, as is known, the limitation on financial expenses will be applied only when the amount of external financing of the taxpayer (or borrowings) exceeds the taxpayer’s equity. And, at this point, people are discussing about what is the definition of external financial cost or what is included in this definition, in tax law.

Thus, the external financing costs include interest expense on all forms of borrowings, debt and other costs presumed as interest economically such as certain taxes and fees, maturity differences, foreign exchange gains and losses, loan used to finance investments etc.

With the Decree No. 3490 published in 04.02.2021, the Presidental Degree will be applied to the income of the taxation period starting from 1/1/2021 and onwards.

【Reference】
・Resmî Gazete : 3490
Official Gazette no3490.pdf

We are offering free meeting regarding establishment and business development in Turkey. Furthermore, it is possible for us to provide employee training and personnel evaluation system as solutions to develop the in-company productivity and activate the employee’s performances.
If you have any question other than the above topic, please do not hesitate to contact us.
Thank you very much for your time to read until the end.

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株式会社東京コンサルティングファーム
トルコ支社　Halil Tamer Demir

E-MAIL: tamer.demir@tokyoconsultinggroup.com

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