Turkey has released a new guide outlining the requirement for taxpayers and non-taxpayers, including end consumers, to document collections and payments exceeding 30,000 TL. These transactions must be recorded through documents issued by banks, financial institutions, or postal administrations.
The guide, titled “Obligation to Document Collections and Payments Exceeding 30,000 TL”, provides clear explanations and examples on key aspects of the regulation, including:
- Who must comply with the documentation requirement,
- The monetary threshold and its application,
- Rules for non-taxpayers,
- Required documentation formats,
- Handling multiple transactions with the same entity on the same day,
- Exemptions from the requirement,
- Penalties and available appeal procedures.
According to General Communiqué No. 575, published on 30 November 2024, the threshold for mandatory use of financial institutions for processing and documenting collections and payments has been increased from TRY 7,000 to TRY 30,000.
The newly released guide details the compliance requirements, specifying which entities and transactions are subject to the rule, the necessary documentation, and the penalties for non-compliance.
It also clarifies the role of financial intermediaries, such as banks, in facilitating these transactions and includes practical examples for better understanding. Additionally, the guide outlines different penalty amounts based on taxpayer classification and explains the rights of taxpayers in case of a penalty.
