31.08.2021 Tarihine Kadar Tüm Mükelleflere Gerçek Kişi Faydalanıcı Bilgisi Verme Yükümlülüğü Getirilmesi – İngilizce Açıklamalar

  Sirküler No: 2021 / 122

 

Tarih: 30.07.2021

Tax Procedural Communiqué No.529 published in the Official Gazette on 13 July 2021 sets out the rules for determining who falls under the definition of an ultimate beneficial ownership and includes explanations on the content and timeframe of the declaration.

According to the Communiqué, beneficial owners are individuals who ultimately own or control a legal entity or arrangement such as a company, a trust.  "Beneficial Owner" refers to the natural person or persons.

The criteria for deciding who should be considered a beneficial owner are as follows:

• Individuals owning more than 25% of the legal entity
• Individuals who have ultimate control of the legal entity, if the individuals holding more than 25% of the legal entity are suspected of not being the beneficial owner or if there is no individual holding 25% of the legal entity
• Individuals with the highest level of executive power (i.e. the general manager), if the beneficial owner cannot be determined as above.

 

• Individuals with ultimate control
• Individuals with the highest level of executive power, if the beneficial owner cannot be determined.

 

 

Corporate taxpayers as well as other entities without legal status that have been listed in the Communiqué which are active as of 1 August 2021 are required to regularly report the ultimate beneficial ownership information to the Revenue Administration.

 All taxpayers and other persons, including corporate taxpayers, will submit their first notifications by filling out the "notification form regarding the ultimate beneficial owner" electronically via the Internet Tax Office until the end of 31.08.2021 at latest.

Corporate taxpayers will declare their ultimate beneficial ownership information in their advance tax returns and annual corporate tax returns. 

Parties other than corporate taxpayers will declare the ultimate beneficial ownership information to the Turkish Revenue via electronic forms by the end of August every year. 

Where the taxpayer refuses or fails to provide the Revenue Administration with all required information or provides incorrect information, irregularity penalty may be imposed under Tax Procedural Code.

 
Kind Regards,

 


Our explanations provided above include general information on the subject. No responsibility can be claimed against Rödl due to the implications arising from the context of this document.