Tax

Tax

Tax Certification Service

Tax Certification Service includes auditing of a company’s financial records and transactions and their conformity with tax legislation and certifying their tax returns. In this context, As Vezin YMM we serve our customers to decrease their taxation risk and to help them detect and correct their erroneous tax and accounting implementations at an early stage by our monthly audits.

Corporate Tax Certification Report is a report which is prepared at the end of the audit period by using annual tax audit results. It confirms that companies’ transactions and implementations are in compliance with the legislation.

Our primary value as Vezin YMM is the quality of our experienced audit team’s advisory that is given after a long term training course in relation to understanding the principles and processes of effective audits and developing practical auditing skills with staff to practice and improve their abilities in various fields, especially in the financial and commercial ones.

 

VAT Refund

VAT is a transaction tax that is levied at each stage of the production and the distribution process of goods and services from producers to final costumers. Liability for VAT arises when a person or entity performs commercial, industrial, agricultural or independent professional activities within Turkey, or when goods or services are imported into Turkey.  The VAT system works as a tax credit mechanism that means that the input VAT paid for purchases is offset against the output VAT generated through sales and the computation of the VAT liability is based on this system. However, according to the Turkish VAT Law, it is possible to reclaim the input VAT which cannot be deducted in case of some circumstances such as:   the transactions related to VAT Responsibility and Reverse Charge VAT, exportation of goods and services, sales under condition of exportation, sales related to investment incentive certificate or sales performed with reduced VAT rate and so forth.

To provide tax refunds for the transactions that are mentioned above on the basis of principles to be determined by the Ministry of Finance, it is an obligation to present a VAT Refund Report which has been prepared by Sworn in CPAs.

In this process some reasons such as the frequent changes in the legislation, an unstable approach on the basis of any tax offices, difficulties in relation to taking confirmation letters from suppliers, can cause the tax refund process to last longer than expected.   For this reason, companies can lack a serious source of fund for a long while. In other words, to accomplish a tax refund process quickly, in addition to having knowledge related to the legislation, it is necessary to command the process and our experiences in this field instruct us efficiently.

 

Transfer Pricing

In a globalizing world, developments in technology and communication networks lead companies to do business in more than one country and it brings some taxation issues between countries together. Pricing of goods, services, intangibles, loans and other financial transactions between related business entities is prominent among these issues. Transfer pricing is therefore a consequential issue for group companies when doing inter-company businesses both nationally and internationally.

Tax authorities in countries, impose on companies to comply with the transfer pricing legislation when they determine the price between parties while doing inter-company business both nationally and internationally. According to transfer pricing legislation the pricing of goods and services within the organization should be ensured by setting out the fair rewards that would arise for the same transactions involving third parties. Otherwise the difference between these two prices will be considered as a concealed gain and levied in accordance with transfer pricing legislation.

At this point our purpose is to lead companies at the stage of planning their trade and tax terms as well as to manage tax risks in relation to transfer pricing, by our appropriate suggestions.

Providing consultancy at the stage of signing a cash price definition agreement with the Tax Authority, and preparing Transfer Pricing Reports are among our other services in relation to this field.

 

Consultancy Related to Incentive and Grants Applications

By the incentive and grants applications provided by the Government, it is aimed that companies can take advantages of production cost, produce qualified and high added value products, and in this way find a place in global trading to compete with other companies. In this context, it can be seen that incentive and grants applications are become more common day by day.

As Vezin YMM, we follow current regulations about many incentive and grants applications and inform our customers about them. For instance, the incentives on the basis of incentive certificate, grants provided by the Scientific and      Technological Research Council of Turkey (TÜBİTAK),incentives for research and development expenses, incentives in the industrial and innovation parks, incentives in free zones, incentives related to foreign trade and the projects based on the agreement signed between the Republic of Turkey and the European Union (IPA- Instrument for Pre-accession Assistance Agreements) are some examples of the Incentive and Grants Applications applied by the Government in Turkey.

On the other side, these incentive, grants and funds generally carry an obligation to report at the end of the specific periods. In this context, we prepare the reports for our customers in compliance with the fund provider institute requests.

 

Customs and Trade Applications

As a result of technological advancements and developments in transportation methods, exports and imports became easier and the issues in relation to custom and trade grew in importance.  As Vezin YMM, our main purpose is to provide a comprehensive service to our customer to prevent them from facing any possible difficulties at the import or export stage.

Our main services in relation to Customs and trade are the applications of VAT and the Special Consumption Tax at customs, the application of Source Utilization Support Fund, Inward Processing Regime, Temporary Import and the applications based on the Free Zone Legislations.

 

Transit Trade Legislations and Applications

Transit trade simply means the activity of selling goods that are purchased from companies located  abroad or in the free zone, or from warehouses at customs,  from the Turkish Border Region to abroad or to free zone in direct or in transit way.

At that point our aim is to lead companies in relation to the Transit Trade Legislations and Applications and to help them to manage their relationships with official institutions.