Tenant Notifications Launched by Ministry of Treasury and Finance
The Turkish Ministry of Treasury and Finance has announced that the government will be investigating real estate owners for potentially incorrect declarations of rental income. The ministry has stated that it will be scrutinizing approximately 4.5 million residences with the potential to generate rental income, with the goal of ensuring accurate taxation. Tenants receiving letters from the tax office are invited to meetings to discuss their rent payment and are required to provide documents such as their rental agreement, bank payment receipts, and real estate agent information when available. Failure to provide this information can result in penalties.
Legal professionals have advised that tenants should comply with the invitation to meetings and provide accurate, honest statements regarding their rental income. The purpose of the government’s actions is to encourage full taxation and to ensure that citizens fulfill their tax obligations.
The Ministry of Treasury and Finance’s initiative follows statements from Minister Mehmet Şimşek and is expected to result in additional tax collection from previous periods. Tenants are obligated to attend interviews and provide the requested information and documents. Failure to do so may result in irregularity penalties.
To encourage full taxation, the Ministry of Treasury and Finance is emphasizing the importance of conducting rental transactions through bank deposits for workplaces and residences. Failure to deposit rental payments through the bank can result in a special irregularity penalty imposed on tenants. The government’s initiative aims to discipline the culture of making accurate declarations regarding rental income and to ensure the collection of accurate taxation throughout the country.
