Updated Guidelines for VAT Exemptions on Real Property, Shares

The previously published Exemption Guide for the Sale of Immovable and Affiliate Shares of Corporations has been updated after the amendments made to the Corporate Tax Law No. 5520 with the Law No. 7394, and on the documentation of the transactions excluded from taxation by way of exception to the said Guide, with the reports prepared by the certified public accountants, that they are in compliance with the provisions of the relevant legislation. A new section has been added and made available.

In the said Guide;

• The scope, purpose and conditions of the exemptions applied,
• What the exempted real estate and participation shares mean,
• Situations that are characteristic of keeping active for two full years and calculating the period,
• Points to be considered in taking real estate sales revenue into the fund account and keeping it there,
• The price, interest, commission, foreign exchange difference and maturity differences to be taken as basis in the calculation of the income,
• Reduction of VAT on purchases and expenses,
• Amendments made to the Corporate Tax Law No. 5520 with the Law No. 7394,
• Documenting the amounts exempted from corporate tax with reports prepared by certified public accountants,

Detailed information and examples are given.

Click here to access the Exemption Guide for the Sale of Immovable and Affiliate Shares of Institutions .

Source: gov.tr

---

---