VAT solutions in Turkey
Managing VAT is a vital part of a company’s financial duties in Turkey. Dealing with the intricacies of VAT regulations necessitates a thorough comprehension of the rules and careful attention to detail. Our strategy is centered on assisting businesses in confidently addressing these challenges, ensuring adherence to regulations while also recognizing opportunities for VAT optimization. By prioritizing precision and strategic understanding, we empower companies to meet their VAT responsibilities in an efficient and effective manner, offering reassurance in a continuously changing tax environment.
VAT rate
In Turkey, VAT is a tax levied on the supply of goods and services, featuring a standard rate of 20% along with reduced rates of 8% and 1%. This tax is applicable to a wide range of transactions, including imports, and is collected at each point in the production and distribution processes. Businesses must charge VAT and remit it to the tax authorities by submitting monthly returns. Some goods and services, including exports and certain public services, might be exempt from this tax.
Our VAT services
We provide an extensive variety of services aimed at helping businesses navigate the intricacies of VAT in Turkey. Our objective is to guarantee complete compliance while enhancing your VAT situation, enabling you to concentrate on expanding your business. Our offerings encompass:
VAT compliance
Our VAT compliance services guarantee that your VAT returns are accurately prepared and submitted punctually, fully adhering to both local and international VAT regulations. We assist you throughout the entire process, offering expert guidance on the required documentation and deadlines for submission. This approach helps ensure your business remains compliant while reducing the likelihood of penalties and other VAT-related challenges.
VAT planning and optimization
We provide services for VAT planning and optimization focused on creating strategies to minimize your VAT obligations. Our team collaborates with you to recognize and utilize all possible VAT exemptions, reductions, and refunds. Furthermore, we help you organize your transactions and supply chains tax-efficiently, ensuring that your VAT strategy is in harmony with your overall financial goals.
VAT registration
Understanding VAT registration requirements can be difficult, particularly for companies looking to enter or grow in the Turkey market. Our VAT registration service streamlines this task by taking care of all elements related to your VAT registration. We help you assess if your business is required to register for VAT, assist in filling out the required forms, and guarantee prompt submission. Moreover, we offer advice on VAT registration thresholds, intra-community transactions, and continuous compliance responsibilities, enabling you to concentrate on your primary business functions.
VAT accounting
We offer extensive assistance in identifying your VAT obligations and guaranteeing that your VAT reporting meets accounting standards such as IFRS and GAAP. Additionally, we manage the reconciliation of VAT accounts with your general ledger balances, producing precise and clear financial statements that accurately represent your company’s actual financial status.
VAT audits and representation
If your business faces a VAT audit, our VAT audit and representation services are available to assist you. We help compile all required documentation and represent you during negotiations and dispute resolutions with Turkey’s VAT authorities. Furthermore, we provide pre-audit reviews to detect and resolve possible compliance issues in advance, ensuring your business is adequately prepared for any scrutiny.
Cross-border VAT compliance
For businesses functioning in various jurisdictions, our cross-border VAT compliance services facilitate the effective handling of your VAT responsibilities across multiple areas. We offer comprehensive advice on adhering to the unique VAT laws and regulations of different nations, covering aspects like VAT registration, invoicing, and reporting obligations. This assistance enables you to confidently manage the intricate world of international VAT.
International VAT advisory
Our international VAT advisory service aims to help businesses operating in various countries navigate the complexities of international VAT. We offer strategic guidance on cross-border transactions, VAT registration across different jurisdictions, and the process of reclaiming foreign VAT. Our team specializes in providing expert advice to optimize your global VAT position, addressing important aspects such as supply chain structuring, VAT grouping, and handling VAT obligations in multiple nations. This service is perfect for companies seeking to grow their international footprint while efficiently managing their VAT duties.
VAT system
A comprehensive understanding of Turkey’s VAT system is crucial for any business functioning both inside and outside the country. Our knowledge offers a detailed insight into the workings of the VAT system, including the particular situations where VAT applies. We assist you in navigating the different rates, exemptions, and regulations that shape Turkey’s VAT environment, helping to ensure your business stays compliant while strategically working towards improving VAT efficiency. With a solid understanding of the VAT system, you will be prepared to make well-informed decisions that align with your company’s financial objectives and reduce possible VAT liabilities.
Contact us
If you would like further details about our VAT services or wish to explore how we can help, please get in touch with us.
Disclaimer
Tax laws and regulations are frequently updated and can differ depending on personal circumstances. The information presented here serves as general guidance and might not represent the latest changes. It is strongly advised to seek the assistance of a qualified tax professional for specific and current advice tailored to your situation.