Published in the Official Gazette: The era of paying rent in cash has ended

According to the General Communiqué on Income Tax published in the Official Gazette, it has become mandatory for property owners renting out residential or commercial properties to collect rent payments exclusively through banks, PTT, or special finance institutions. With this decision, the era of paying rent in cash has come to an end.

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Published in the Official Gazette: The era of paying rent in cash has ended

The decision regarding the General Communiqué on Income Tax by the Ministry of Treasury and Finance has been published in the Official Gazette.

Accordingly, it has become mandatory for property owners who rent out residential or commercial properties to collect rent payments through banks, PTT, or special finance institutions.

PENALTIES FOR THOSE COLLECTING RENT IN CASH

According to the new decision, penal actions may be applied to property owners and tenants who continue to collect or pay rent in cash. Accordingly, for landlords and tenants who do not collect or pay the rent amount through a bank, a penalty equal to 10 percent of the rent amount will be applied for each transaction separately.

News Source: 12punto