Turkey’s Ministry of Treasury and Finance has released General Communiqué No. 571 on 19 October 2024, officially enforcing heightened tax penalties in accordance with the amended Tax Procedure Law (TPL) as outlined in Law No. 7524.
According to the General Communiqué, Individuals and businesses that fail to issue necessary documents – such as invoices, expense vouchers, producer receipts, self-employed invoices, and retail sales slips – will face significantly higher penalties. Each instance of non-compliance will add a greater burden on both parties.
A new special irregularity penalty will be introduced for those who neglect to share information regarding advertisements, announcements, and details related to sales or rentals on digital platforms.
A penalty of 50% will now apply to tax losses incurred from unregistered activities. This increase aims to enhance compliance with the requirement for maintaining accurate and complete records, particularly impacting businesses and self-employed professionals.
The total penalty to be imposed for the above-mentioned specific irregularities detected for each type of document within a calendar year cannot exceed TRY 10 million.
