The amendments introduced by the Tax Procedure Law General Communiqué No. 563 (“Communiqué”) are as follows.
1. Non-Inflation Adjustment
It has been decided that taxpayers who are required to make inflation adjustments in the second and third provisional tax periods of 2024, and whose gross sales in the income statement dated 31/12/2023 are below 50,000,000 TL, will not be required to make inflation adjustments. According to this regulation, not making inflation adjustment is not optional, but it is in the nature of a final order.
2. Non-Inclusion of Balance Sheet According to Article 3, Paragraph 2 of the Communiqué, taxpayers will not attach period-end balance sheets to the annexes of the declarations for the second and third provisional tax periods of the 2024 accounting period.
3. No Adjustment of Statutory Records Although it has been deemed appropriate not to make inflation adjustments, taxpayers who have applied inflation adjustments to their financial statements for the second
provisional tax period of the 2024 fiscal year and have submitted their provisional tax returns for this period as of the publication date of the Communiqué by recording the profit or loss resulting from the inflation adjustment in their statutory books are not required to correct their statutory records for the relevant period.
4. Return Filing Adjustments and Correction Requirements
Taxpayers are required to submit their provisional tax returns for the second provisional tax period by adjusting their provisional tax bases according to the profit or loss determined before the inflation adjustment. If the correction is made within the filing period, it is understood that no tax penalty or late payment interest will be
incurred.
This Communique will enter into force on the date of its publication.
