Is the 2024 Provisional Tax being postponed? Here are the details...

The Revenue Administration (GİB) has announced that the deadline for the declaration and payment for the 2024 III. Provisional Tax Period (July-August-September) is November 18, 2024. While emphasizing that no announcement regarding a deadline extension has been made, the GİB stated that taxpayers must complete their transactions by the specified date.

WHAT IS PROVISIONAL TAX AND WHO PAYS IT?

Provisional tax is a payment system calculated on quarterly earnings by taxpayers who declare their commercial profits under the actual method, self-employed individuals, and corporate tax payers, which is then credited against the current year's tax.

WHO IS REQUIRED TO PAY PROVISIONAL TAX?

Those who earn commercial income,

Self-employed income earners,

Corporate tax payers.

WHO IS EXEMPT FROM PROVISIONAL TAX?

Some individuals and businesses are exempt from the obligation to pay provisional tax. These are:

Institutions in the liquidation period,

Income tax payers taxed under the simple method,

Those engaged in multi-year construction and repair work,

Owners of wages, movable and immovable capital income,

Agricultural income earners,

Tax-exempt self-employed individuals,

Notaries.

WARNING ISSUED FOR TAXPAYERS

The Revenue Administration reminded that there is little time left until the deadline and emphasized that taxpayers must file their declarations and make their payments on time. It was specifically stated that there will be no extension for the final date of November 18, 2024, for provisional tax declarations and payment transactions.

News Source: 12punto

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