Threshold Revised In Turkey For Certain Payments Which Must Be Made Through Intermediary Financial Institution

From 1 January 2016, certain tradesmen, freelancers, farmers and merchants in Turkey must make receipts and payments over TRY 7,000 through an intermediary financial institution. The value threshold was last considered in 2004. The Turkish Ministry of Finance published the Tax Procedure Law General Communiqué number 459 in Official Gazette number 29572 on 24 December 2015 ("Communiqué").

The Communiqué's requirements apply to:

• Merchants who are obliged to obtain invoices, according to Article 232 of the Tax Procedure Law.
• Individuals who work as freelancers.
• Merchants whose incomes are determined by simplified business taxation.
• Farmers who are obliged to keep books.