Due to the complex nature of Turkish tax law, foreign investors and local companies alike seek to utilize the services of tax experts in order better navigate the regulations and avoid risky cases. Consulting with such experts regarding taxation and statutory requirements protects individuals and companies from facing legal action and harsh penalties which could falter the success of their endeavors.
Putting aside the difficulties created by highly dynamic legislation, the intentions behind these changes are to cultivate an environment of fair competition and boost intercompany relations along with international trade. One of the driving factors behind these changes is the effort to harmonize Turkish processes with those of the European Union by minimizing the differences in regulation and equalizing tax rates.
When considering that the tax laws of Türkiye are already complex in their current state, adding an element of constant change strengthens the argument and need for the professional assistance of expert consultants. The harsh penalties mentioned above are significantly higher than in most countries and they are applied based on an in depth analysis of the taxpayers’ activities such as checking the consistency of quarterly and annual temporary tax declarations among other controls.
Besides being exposed to the risks of non-compliance, many taxpayers that keep records of revenues or losses resulting from exchange rate fluctuations may face unexpected tax payments resulting from the accrual based accounting system used in Türkiye. In order to avoid such situations, taxpayers can utilize tax planning services so that their current and future taxation options can be analyzed, and their tax liabilities minimized. This is just one example among many of a benefit outside of the all-important statutory compliance aspect.
As a reputable and trustworthy company, Istanbul Internal Audit and Certified Public Accountants LLC serves its clients by providing up to date consulting regarding the tax regulations and planning. The wealth of knowledge that has accumulated through our many years in the industry along with a staff of experienced CPA’s and consultants have equipped IstanbulCPA with the tools needed to satisfy and surpass the expectations of our clients. Our services will leave you with the peace of mind that comes with knowing that processes are fully compliant with regulations and every opportunity to reduce liabilities has been seized.