Revaluation Under Provisional Article 31 of the Tax Procedure Law

REVALUATION OF REAL ESTATE AND OTHER DEPRECIABLE FIXED ASSETS – BROCHURE

General Communiqué No. 530 of the Tax Procedure Law, published in the Official Gazette and setting out explanations on the recalculation of the values of real estate and other depreciable fixed assets and related accumulated depreciation using the PPI increase rate, has been issued.

The brochure prepared by the Revenue Administration in line with this Communiqué addresses the following questions: Who can revalue? Who cannot benefit from revaluation? Which assets are eligible? What value is used as the basis? How is revaluation carried out when depreciation is understated? Is revaluation mandatory? Until when can revaluation be done? What rate is used? How is the value increase calculated and recorded? What are the consequences of disposing of revalued assets? How is the tax declared and paid? Can the tax paid be offset or expensed? What are the consequences of failure to declare or pay on time? What are the payment channels?