Builder Tax Support

Turkish Home Developers and Construction Companies, Seek Builders Tax Support

Builders seek tax support

"We can breathe with tax and accounting regulations," INDER explained

Inder (Istanbul Builders Association) Chairman stated that the negative impact on the construction sector is great and continues to be, as in all sectors.

About 250 sub-sectors have gained momentum in the construction sector cash flows significantly deteriorated underlining, " companies operating in the sector, due to deteriorating cash flow balances have become unable to pay taxes and insurance, during this period the balance of their financial statements has also deteriorated. In such cases, we know that our state is again engaged, supporting sectors and the economy. We again expect such support to repair the economic devastation caused by successive foreign exchange and pandemic crises over the past three years,” he said.

Inder President stated that the bag law, which is expected to be presented to the Parliament these days to stimulate the economy, is fully expected to be considered in detail, “we want to include tax and accounting regulations in a full range to improve the financial structures of production and service firms, as well as the bag law that will be introduced to the Parliament.” who expressed that the problems in the financial structures in the sector were identified one by one by meeting with INDER members; companies operating in the sector-if our government deems it appropriate - are expected to be included in the new law, he said.

'Taxes and interest should be revised so they can be paid'

President, who said that the interest burden on the sector has become unreachable, noted that the regulation of state receivables and interest belonging to it in a collectible way will give the sector a comfortable breath. President , especially in the restructuring of tax and insurance debts, faced with a pandemic period of interest related to the principal and the creation of at least 36 installments without payment for a year will breathe a sigh of relief to the sector, he said. In addition, companies that provide an average of fifty or more jobs during the pandemic period; He added that tax and SGK debt structuring would facilitate collections, so that the interest rate in installments would not be realized as 0% in the first year.

And, who said that tax and SGK debts are an obstacle to sustainable activities, stressed that it is important to remove foreclosures on movable and immovable property belonging to companies that enter the configuration and pay two installments-tax or imposed by SGK. On the other hand, to enter the tenders; “there is no tax and SGK debt” letter requests, tax and SGK debt configurations to pay the first installment of the requirement again has the effect of increasing collection, he said.

“The loss of the rights provided due to the inability to make payments for the base increases increases participation,” was said.

“The true value of the firm assets at the balance sheet valuation of companies certified by the immovable to reveal the CMB, except that the value of Z is added to the capital cannot be distributed with a condition that we hope will not be subjected to any tax, saying,” who expressed his expectations for the preservation of institutional size INDER President, the general situation of the application of the constraint in the construction sector financing will be evaluated and underlined the necessity to be covered by the exemption.

In order to regulate the current accounts of the cash and partners that emerged as a fix, they want the tax to be received to be 1% and their payments to be in the form of at least twelve installments with a break of one month, the chairman of the board of Directors of INDER said: “We believe that extending the asset peace that will expire on 30.06.2021 to 30.06.2022, and in this context, the land registry fee that companies will receive for assets will be 0.5% in total for both the buyer and seller will be useful in all decks.”