ULTIMATE BENEFICIAL OWNERSHIP (UBO) OBLIGATION HAS BEEN INTRODUCED IN TURKEY
According to the General Communiqué on Tax Procedure Law No. 529 published in the Official Gazette no. 31540, dated 13.07.2021, the declaration for Ultimate Beneficial Ownership obligation has been introduced in Turkey for the taxpayers including,
- Corporate income taxpayers,
- The person or partner authorized to represent the company in collective companies; one of the commandite partners in limited partnership companies and the person who has the highest share on behalf of the ordinary partnerships; managers, trustees or representatives of trusts and similar establishments established in a foreign country that have their headquarters in Turkey or have a resident manager in Turkey,
- Taxpayers deemed liable in the Law No. 5549 which is Law on the Prevention of Laundering Proceeds of Crime (such as banks, insurance companies, investment partnerships, sports clubs) and their branches, agencies, representatives and commercial agents
- Branches, agencies, representatives and similar subordinate units of the taxpayer whose head office is abroad.
Corporate income taxpayers shall attach the UBO declaration to their annual tax return. The other taxpayers shall upload an electronic declaration form on the Turkish Revenue Administration website.
The first UBO declaration shall be made electronically to the Turkish Revenue Administration by all taxpayers and other persons, including corporate taxpayers, by the end of the day on 31.08.2021 at latest.
The UBO declaration shall be made by the taxpayer, or it can be sent through a certified public accountant who has an intermediation and responsibility agreement or a sworn-in certified public accountant with an income or corporate tax return approval agreement (full certification agreement).
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