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COUNCIL OF MINISTERS DECIDED ON A BY-LAW PROVIDING TAX AMNESTY FOR TAXES OWED BY INDIVIDUALS AND COMPANIES

This By-Law enables indivusuals and companies to pay outstanding taxes (corporate,income and local taxes) and their fines for the year 2020 and the previous years.

The tax payers who want to apply for this amnesty, will apply to the Inland Revenue (the Tax Office) in 90 days starting from the date this By-Law is published in the Official Gazette.

The taxes which are coverd by this By-Law are as follows :

Income Tax

Corporation Tax

Banking and Insurance Services Tax

Value Added Tax

Immovable Property Tax

Inheritance Tax

Undecleared Income of the deceased persons and the property tax outstanding of the deceased

Tax Fines and Penalties

Special Irregıularity Finess

Any returned unpaid cheques the maturity of which are prior 31.12.2020

Telephone Bills dated before 31.12.2020 and not paid (GSM telephone bills are excluded)

Other Taxes and Duties (Excepts amounts owed to government owned business organisations)

Fines, Court Fees and Other Fines

Overdue Fines of the Unpaid Taxes, Rates and Charges stated above.

The Payment Options :

1.If the total amount of unpaid taxes and fines stated above are fully paid 97% (Ninety Seven Per Cent) of the fines and 90% (Ninety Per Cent) of the overdue interest are waived.

2.If the total amount of unpaid taxes and fines stated above are paid in 6 (six) equal instalments starting the day after the end of the application period 90% (Ninety Per Cent) of the fines and 80% (Eighty Per Cent) of the overdue interest are waived.

3.If the total amount of unpaid taxes and fines stated above are paid in 12 (twelve) equal instalments starting the day after the end of the application period 90% (Ninety Per Cent) of the fines and 60% (Sixty Per Cent) of the overdue interest are waived.

4.If the total amount of unpaid taxes and fines stated above are paid in 24 (twenty four) equal instalments starting the day after the end of the application period 90% (Ninety Per Cent) of the fines and 50% (Fifty Per Cent) of the overdue interest are waived.

5.If the total amount of unpaid of the taxes and fines stated above are paid in 36 (thirty six) equal instalments starting the day after the end of the application period 90% (Ninety Per Cent) of the fines and 40% (Forty Per Cent) of the overdue interest are waived.

The fines and overdue payments cannot be deducted as expense for the tax purposes. If the payments are not made within the agreed dates the originasl tax and fines become collectible. This By-Law will be in force as from 03.11.2022.

News

  • Strategic Business Plan incorporating water distribution and administration of sewage services have been prepared for TRNC Municipalities by D.K.Deniz & Co.
  • Stabilisation of foreign exchange rates on custom duties and taxes and application of reduced witholding tax rates on rent income ended on 30 November 2018.
  • Inland Revenue published the Income Tax Rates and Income Bands for the year 2018 together with personal allowances.
  • Stamp Duty Notification issued under the TRNC Stamp Duty Law has been amended and the amended version will be applied as from 1 February 2018.

About Us

D.K.Deniz &Co. is one of the largest accounting firms in the Turkish Republic of Northern Cyprus (TRNC) providing services in auditing, accounting, tax and consultancy. D.K.Deniz & Co. has been providing services based on its vast professional knowledge and experience to local companies, state owned enterprises and international business companies.

Our Services

  • Acc. and Financial Transaction
  • Tax Accounting
  • Registration Services
  • Employment and Social Insurance
  • Consulting Services
  • Education Services

Industries

  • Banking
  • Transportation
  • Passenger Transportation
  • Distribution of Water
  • Marina Management
  • Media And Publishing

Contact Us

Address:41 / 6, Osmanpaşa Caddesi Latif Apartmanı Köşklüçiftlik
Nicosia / North of Cyprus
Email:      dkd@dkdeniz.com Phone:     +90 (392) 444 8080
Phone:     +90 (392) 228 6708
Phone:     +90 (392) 227 3352

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  • Home
  • Corporate
    • About Us
    • Mission & Vision
    • Management Team
  • Services
    • Acc. and Financial Transaction
    • Tax Accounting
    • Registration Services
    • Employment and Social Insurance
    • Consulting Services
    • Education Services
  • Formation of Company
  • Industries
    • Banking
    • Transportation
    • Passenger Transportation
    • Distribution of Water
    • Marina Management
    • Media And Publishing
    • Insurance Services
    • Oil and Gas Exploration
    • Telecommunication
    • Manufactoring
    • Tourism
    • Education
    • Trade & Commerce
    • Construction
    • Electricity Power Supply
  • Tax
    • Personal Income Tax
    • 2020 Income Tax Rates
    • Allowable Expenses
    • Corporation Tax
    • Losses Carried Forward
    • International Business Co.
    • Value Added Tax
    • Banking & Ins. Services Tax
    • Inheritance Tax
    • Special Communication Tax
    • Stamp Duty Notification
  • Contact Us