Corporate tax increased to 25 percent in 2021

Corporate tax increased to 25 percent in 2021
Date: 9.4.2021 14:00

The law proposal, which includes regulations on the economy, was accepted in the Parliament's Plan and Budget Committee.

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The Law on the Procedure for Collection of Public Receivables will be amended with the arrangement adopted in the Parliamentary Plan and Budget Commission. The public institutions and organizations that are subject to this law are also given the opportunity to sell movable goods that are dangerous or costly to keep, by bargaining. Securities can be sold electronically or at the sales points of the collection offices with auction and cash. Goods that cannot be protected due to deterioration, decay or similar reasons or that are understood to be significantly depreciated when expected, and goods that are dangerous or costly to be stored will be bargained in the most appropriate place, and goods with an exchange will be sold in the relevant stock exchange. From those who will participate in the increase, 5 percent of the value of the securities will be taken as collateral. The creditor public administrations will be authorized to determine the cases where no guarantee will be taken on the basis of the type or value of the movable property and the form of sale, and to decide to receive a letter of guarantee instead of money.
 

DATA WILL BE RECORDED DIGITAL

 
The letters, faxes and telegrams sent to the convict or sent by the convict will be digitally recorded or physically stored in order to protect public order and to ensure the security of individuals, society and institutions or to prevent crime. These will not be used for other purposes, will not be shared with any person or institution except in cases clearly stated in the law, and will be deleted at the end of one year at the latest if they are not subject to any investigation or prosecution. This provision will not apply to letters, faxes and telegrams sent by the convict to official authorities or his lawyer for his defense. With the proposal, a regulation is made regarding the closed opinions of convicts in the penal institution with their visitors. Accordingly, by being informed in advance, the meetings of convicts in closed penal execution institutions with their visitors can be listened to by the institution management and recorded, including electronic devices, in order to protect public order and to ensure the security of person, society and institution or to prevent crime. These records cannot be used for purposes other than their intended purpose and cannot be shared with any person or institution except in cases clearly stated in the law. If these records are not subject to any investigation or prosecution, they will be deleted at the end of one year at the latest.
 

TO BE TRANSFERRED TO THE COMPENSATION CENTER

 
The Corporate Tax rate, which is 20 percent, will be applied at a rate of 25 percent for 2021 corporate earnings and 23 percent for 2022 corporate income. This article will enter into force on the date of publication, starting from the declarations that must be submitted as of July 1, 2021, and to be valid for the corporate earnings of the taxation period starting from January 1, 2021 (for the accounting period starting from January 1, 2021 for the institutions with a special accounting period). All kinds of deposits and receivables arising from investment services and activities will be transferred to the Investor Compensation Center by entrusting them to the Investor Compensation Center within ten years, starting from the date of the last request, transaction or any written instruction given by the account holder. Shareholding rights other than bonus share acquisition and the right to receive dividends arising from capital market instruments transferred to the Investor Compensation Center will be frozen until they are returned to the right holders by the Investor Compensation Center. Agricultural loan debts that have been transferred to accounts to be liquidated as of December 31, 2020 will be restructured.

YEREL HABERLER

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