IBAN audit from the Ministry of Finance: Penalties are looming for landlords and tenants!

The recent rise in rental prices has led some landlords to attempt different methods to avoid taxes. This situation has drawn the attention of the Ministry of Finance, and detailed investigations have been initiated following complaints. Research conducted through land registry records and bank accounts aims to uncover unregistered rental income.

MANDATORY BANK OR PTT PAYMENTS FOR RENT OVER 500 TL

The new regulations cover not only landlords but also tenants. It has now become mandatory for residential rent payments over 500 TL to be made through a bank or PTT, just as it is for commercial properties. Otherwise, both parties could face serious penalties. Experts state that tenants must make their payments through a bank or PTT, or they may be subject to fines.

Under the law that came into effect last year, a special irregularity penalty will be applied to anyone who makes or receives rent payments in cash. This penalty will be 10 percent of the rental amount, with a minimum set at 5,000 TL. The upper limit for this penalty within a calendar year can reach up to 20 million TL. With these regulations, the Ministry of Finance's fight against unregistered rental payments has become even stricter.

News Source: 12punto