VAT for economic assets damaged or lost due to earthquakes in Turkey

• The article discusses the issue of Value Added Tax (VAT) on economic assets damaged or lost due to earthquakes in Turkey.
• It mentions the significant number of buildings that were destroyed in the earthquakes in Kahramanmaraş in February 2023.
• The article highlights the ongoing impact of the destruction on the social life of the affected people, particularly traders and business owners.
• It mentions that the Ministry of Treasury and Finance declared a force majeure situation, providing some relief for taxpayers in the region.
• However, it points out that there has been no new regulation specifically addressing the VAT issue for businesses affected by the earthquakes.
• The article warns that without a new regulation, affected taxpayers may face significant and unfair tax burdens.
• It explains the relevant legal provisions regarding VAT on damaged assets, including the consideration of useful life and the amendment made to the law in 2004.

Source: alomaliye.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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