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Inflation accounting decision from the Ministry of Treasury and Finance

It was decided that taxpayers would not make inflation adjustments in January-March 2024, the first taxation period.

Inflation accounting decision from the Ministry of Treasury and Finance

The Tax Procedure Law General Communiqué prepared by the Revenue Administration of the Ministry of Treasury and Finance came into force after being published in the Official Gazette.

According to the communiqué, it was deemed appropriate for taxpayers not to make inflation adjustments as of the end of the first provisional tax period (January-March 2024) of the 2024 accounting period.

Thus, the first provisional tax return, which must be submitted by May 17, 2024, will be submitted without inflation adjustment and without the need to fill out the balance sheet attached to the declaration.

On the other hand, balance sheets at the end of the 2023 accounting period will be subject to inflation correction.

Taxpayers who are exclusively engaged in the continuous purchase-sale and manufacturing of processed gold and silver will continue to make inflation adjustments, including the first provisional tax period of the 2024 accounting period, as they are obliged to make inflation adjustments (as of the end of each provisional tax period) regardless of the conditions.

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