Minimum Wage, TEYDEB, Transition to E-Invoice and VERBIS - Happy Holiday :)
Minimum wage determined effective as of July 1st
- Net wage … 11,402.32 TRY
- Gross wage … 13,414.52 TRY
- Employer cost … 16,432.76 TRY (amount decreases if there is a 5% SSI premium incentive)
- Monthly SSI ceiling (gross) … 100,608.90 TRY (7.5 times the minimum wage)
- Bağ-Kur base premium (34.5%) … 4,628.00 TRY
- Bağ-Kur ceiling premium (34.5%) … 34,710.02 TRY
- Meal allowance exempt from SSI … 105.75 TRY (daily)
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Changes to the TÜBİTAK TEYDEB Program
(TEYDEB - Directorate for Technology and Innovation Support Programs)
Only SMEs can apply, and your SME classification matters
- Only the costs of partners in companies classified under the micro-scale will be supported (General Coordinator and Project Manager are still required)
- Report submission deadline has been reduced to 2 months (end of August and end of February) (previously 3 months)
- Support for individuals working in multiple workplaces has been restricted (days worked at other businesses will be deducted)
- No duplicate incentives (if there is an incentive for the same project from another source, TÜBİTAK will not provide support)
- Financial reports prepared by Certified Public Accountants (YMMy) and Independent Accountants and Financial Advisors (SMMM) can be submitted electronically (previously submitted via postal mail)
- Financial advisory fees pertaining to the period after the support end date will be supported
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E-invoice transition provisions as of July 1st
Pursuant to the amendments made by the Tax Procedure Law Communiqué No. 535;
- Taxpayers with a gross sales revenue of 3 Million TRY or more for 2022 and subsequent accounting periods, regardless of their sector,
- Taxpayers who sell goods or services through their own websites, internet sales platforms, or any other electronic medium, with a gross sales revenue (or sales and gross business revenue) of 500 Thousand TRY or more for 2022 or subsequent accounting periods,
- Taxpayers engaged in real estate and/or motor vehicle construction, manufacturing, purchase, sale, or leasing activities, or acting as intermediaries in these transactions, with a gross sales revenue (or sales and gross business revenue) of 500 Thousand TRY or more for 2022 or subsequent accounting periods,
are required to transition to the e-invoice or e-archive invoice applications by July 1, 2023, and to the e-ledger application starting January 1, 2024.
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Do not forget to register with VERBİS
The Personal Data Protection Law (KVKK) has introduced certain obligations for natural and legal persons. The most important of these obligations is the “Data Controllers' Registry Information System”, commonly known as VERBİS. According to the provisions of the law, natural and legal persons processing personal data must register with VERBİS before commencing personal data processing activities.
(registration alone will not suffice; this is also a compliance process)
- Natural and legal persons with an annual number of employees exceeding 50 or an annual financial balance sheet total exceeding 25 million TRY
- Data controllers with fewer than 50 annual employees and an annual financial balance sheet total of less than 25 million TRY, whose primary core business activity is the processing of special categories of personal data
If your 2022 fiscal year balance sheet total exceeded 25 million TRY, you are obligated to register with VERBİS within 30 days following the filing of the Corporate Income Tax return. Businesses that fail to fulfill their registration obligation may face administrative fines ranging from 20,000 TRY to 1,000,000 TRY.
Since the fines are substantial, you may seek support from your legal counsel
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Obligation for Joint Stock Companies to retain a lawyer
Joint Stock Companies with a capital of 250,000 TRY or more are mandated to retain a staff lawyer. The fact that a portion of the capital remains unpaid does not eliminate this obligation.
The penalty for failing to retain a lawyer is severe: 2 times the minimum wage for each month
Considering that the minimum wage is 13,414 TRY as of July 1st, the monthly penalty will be 26,828 TRY
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