The General Communiqué No. 500 has published on July 6, 2018, regarding Tax Procedure Law in the Official Gazette. It was entered into force on the similar day of its publication. According to the temporary article 31 of the Tax Procedure Law (or Law No. 213), which is included to article 5 of the Law No. 7144, it is the purpose and scope of this Communiqué to determine the principles and procedures for the recalculation of the values of the immovable properties included in the assets of full-fledged taxpayer income or corporation taxpayers taking into account the increase in the WPI-UFE value. Some of the key points of this Communiqué are given below:
- The owners of the taxpayers’, including the collective, ordinary limited partnerships and the ordinary corporations holding bookkeeping on the basis of the balance sheet and full taxpayer status are entitled to revaluate immovable registered in the taxpayers’ accounts.
- Economic assets are also subject to revaluation
- Revaluation is carried out on the basis of the values stated in the legal book records as of May 25, 2018, of the immovable assets and depreciations of these immovables, determined according to the valuation provisions in the Law No. 213 and made by September 30, 2018.
- This Communiqué also clarifies the rate of revaluation
- Capital tax calculated at 5% of the amount of value increase shown in a special fund account in a liability is declared to the tax attached to income or corporation tax with a declaration until the evening of 25th day of the month following the date of revaluation and paid within the same period.
- It also describes alienation of the immovable property which was subject to the revaluation.
