Revaluation Rate Has Been Determined

Revaluation Rate Has Been Determined The revaluation rate has been determined. The revaluation rate for 2020 was determined as 9.11 percent. The Tax Procedure Law General Communiqué of the Ministry of Treasury and Finance (Revenue Administration) was published in the Official Gazette. In the said notification, in the article on Tax Procedure Law, revaluation rate of re-planting months of the year to do valuation (including October) compared to the same period of the previous year when the increase of avarage rate in domestic producer prices occurred in the index specified by Turkish Statistics Institution. In addition, it was noted that there is a provision that this rate will be announced in the Official Gazette by the Ministry. Accordingly, in the communique, which was reported the revaluation rate as 9.11 percent for 2020, it was informed that the aforementioned rate would also be valid for the last provisional tax period of 2019. In this context, the amount of taxes, fees and fines included in the laws on various taxes and fees will increase by 9.11 percent as determined. In addition, it was announced that the communiqués published on this subject in the previous period will also remain in effect.