Turkey’s Revenue Administration has announced an extension for the submission of the provisional tax return for the second quarter of the 2024 accounting period. The deadline has been moved from 19 August 2024 to 27 August 2024.
Normally, provisional tax returns are due on the 17th of the second month following each quarter. However, in this case, the extension was granted because the balance sheets for Q2 2024 are subject to inflation adjustment.
The inflation adjustment application took its place in the tax system with the rearrangement of Article 298 of the Tax Procedure Law No. 213 with the Law No. 5024 dated 17 December 2003 and the addition of temporary Article 25 to the Law, to come into force as of 1 January 2004.
Inflation adjustment is the correction of financial statements that fail to express the true situation due to changes in the purchasing power of money, in order to make them express the true situation.
