Saturday, April 9, 2022
Calculation of Earnings, Exchange Differences and Maturity Differences Since the actual nature of the taxable event is essential according to the Tax Procedure Law, the actual sales price will be taken as the basis for the calculation of the exempted income, without prejudice to the exemption and disguised profit distribution provisions. Apart from this, it will not be possible to calculate an exemption amount above or below the actual selling price, taking into account various measures.
The exception will be applied during the sales period, as sales revenue will be generated by the sales transaction. Interest, commission and similar incomes received for the receivables arising from the sale of the values within the scope of the exemption will not be taken into account in the determination of the exempted income. Likewise, it is not possible to take into account the exchange rate differences that occur in determining the selling price in foreign currency. In foreign currency or forward sales, the factors arising from the valuation of foreign currency or receivables will be considered as income or expense items in determining the base.
For example; (X) AŞ sold the building it bought for TL 1,000,000 in 2014 for a time deposit of TL 1,500,000 on 12 August 2021 (Accumulated depreciation has been neglected). $500,000 of the sale price was collected in advance; $500,000 of the remaining amount will be collected on August 12, 2022, and the other $500,000 will be collected on August 12, 2023. ($1 = $7.2483 on August 12, 2021)
According to this;
Sale Price: 1.500.000 $ x 8.6244 TL = 12.936.600 TL
Sales Earnings: 12,936,600 TL – 1,000,000 = 11,936,600 TL
Istisna Earnings Amount: Istisna Earnings Amount: 5,968,300 TL
Amount of Earnings to be Taken to the Fund: 5,968,300 TL.
In this sale made in foreign currency, increases or decreases arising from the valuation of foreign currency or receivables will not affect the exemption amount and will not change the amount of profit kept in the fund.
The part of the expenses related to the exemption from the sales revenues of the immovable and participation shares, corresponding to the exemption income, will be considered as a legally unacceptable expense. The point to be noted is that 50% of the income obtained is an exception, therefore 50% of the expenses related to the exception should be considered as KKEG.
Disclaimer: The information in this article is provided for general information purposes only. It is not intended for a professional informational purpose specific to a person or institution. Although it is similar to the subject, each business may have different situations due to its own special conditions. For this reason, it is in your best interest to consult an expert before taking any decision that will affect your business based on the information provided in this article. Karen Audit or any of the persons or institutions it is associated with is not responsible for any loss or damage that may arise as a result of the use of the information contained in this document by private or official, real or legal persons, institutions and organizations.
