Finance Ministry investigation into money transfers: Senders must provide proof

The Ministry of Treasury and Finance has begun investigating rental income. The ministry's goal is to tax the income generated from all rental properties, which are estimated to number between 1 million 300 thousand and 2 million.

ALL TRANSACTIONS ARE BEING EXAMINED

In bank transfers, all transactions where "rent" is selected as the payment type are being examined. During the investigation, it was understood that some unrelated payments were also being labeled as rent. The reason for labeling them as rent was determined to be that some citizens, seeing that no EFT fees are charged for rent payments, made their payments using this option. Those who accepted payments in this manner are now struggling to prove otherwise.

During its investigations, the Finance Ministry is cross-referencing land registry records, Mernis (Central Civil Registration System) records, and bank records. For those who own a rental property but do not declare income, the ministry checks the population registration system to ask who is living in the house and requests that a tax return be filed.

THOSE COLLECTING VIA THE "OTHER" OPTION ARE ALSO UNDER SURVEILLANCE

The ministry has also placed those who collect payments via the "other" option through banks to hide rental income under surveillance, and currently, all regular payments made with this option are being treated as rental income.

According to the general communiqué published by the Ministry of Finance in 2008, if the monthly rent payment for residential properties exceeds 500 Turkish Liras, this payment must be made through a bank or the Post and Telegraph Organization (PTT).