Your "rental" income is strictly followed in Turkey
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Your "rental" income is strictly followed in Turkey

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Date: 14.05.2016 
 
One of the responsibilities of the Ministry of Finance of Turkey is to prevent attempts to hide or reduce the size of the real income from the rental of Turkish property. Recently it became known that the inspectors have now decided to focus on those property owners who live outside of Turkey

Management of revenues administration will check whether foreigners owning property in Turkey and Turkish citizens living abroad are correctly declaring their rental income. Since foreign Bank accounts are not available, declarations will be checked on the basis of documents in the Registration chamber. In case of false declarations, appropriate actions will be taken. 

To prevent a situation when a person pays tax twice, during the inspection it is necessary to find out, if he has paid tax in his country of residence. If income from rental payments exceeds 500 TL, it must be declared. If the amount was less, it is optional.  

If it turns out that the owner didn’t fill the declaration at all, in the next 5 years the tax will be levied with the interests. Those who received an income above the specified amount, but not applied the declaration on time, will be required to pay the tax at double rate. In addition, they will be charged fines. 

Recall, that if you are not a resident of Turkey, you are considered as a taxpayer with limitations – you only pay tax on income received from rental services in Turkey. 

Source: http://ee24.com/turkey/news/your-rental-income-strictly-followed-turkey



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