The government has issued an urgent decree to extend deadlines for foreign individuals and entities to pay overdue taxes and fees on property transactions. This measure aims to recover lost revenue for the state, boost the economy, and address pressing government expenditures caused by delays and communication challenges with foreign buyers and sellers, Yeniduzen reports.
The new decree has been published in the Official Gazette and is now in force. The purpose of the decree is to extend the deadlines set out in Temporary Article 1 of the law, which governs property sales contracts exceeding the acquisition rights specified in the law. It also aims to ensure the collection of taxes and fees to prevent revenue losses for the state and to contribute to the economy.
According to the decree’s general rationale, various issues have arisen during the implementation of the law. For example, due to “foreign individuals and entities being abroad and difficulties in communication between many buyers and sellers,” foreign individuals and entities were unable to pay all the required taxes and fees within the stipulated time frames. As a result, the state has lost out on this revenue.
The general rationale further states:
“To prevent revenue losses for the state, enable the collection of taxes and fees, and contribute to the economy, as well as to meet urgent government expenditure, it is crucial to collect these taxes and fees without delay. For these reasons, and given the economic nature and urgency of the matter, this decree has been prepared under Article 112 of the Constitution.“
