VERBİS Registration, SME Limit Increase, and Base Increase Extension
VERBİS registration reminder
The Law on the Protection of Personal Data (KVKK) has introduced certain obligations for real and legal persons. The most significant of these obligations is the Data Controllers' Registry Information System, commonly known as VERBİS. According to the provisions of the law, real and legal persons processing personal data are required to register with VERBİS before commencing personal data processing activities.
- Real and legal persons with an annual number of employees exceeding 50 or an annual financial balance sheet total exceeding 25 million TRY
- Data controllers whose annual number of employees is less than 50 and whose annual financial balance sheet total is less than 25 million TRY, but whose primary field of activity is the processing of special categories of personal data
If your 2022 fiscal year balance sheet total exceeded 25 million TRY, you are required 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 up to 1,000,000 TRY.
Due to the severity of these penalties, you may wish to consult with your legal counsel.
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SME (Small and Medium-Sized Enterprises) limits have been revised
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Base Increase application deadline extended
The application and first installment payment deadlines set forth in Law No. 7440, titled "Law on the Restructuring of Certain Receivables and Amendments to Certain Laws", have been extended by one month. Scope of the Law:
- Restructuring of debts
- Tax base increase
- Correction of balance sheet accounts (corrections in Cash/Due from Shareholders, inventories, and fixed assets accounts)
Since we have previously provided detailed explanations regarding this law on several occasions, I will not go into details again. Upon request, we can review it in a separate meeting.
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