Subject: Corporate Taxpayers and Certain Individual Taxpayers are Obligated to Submit Beneficial Owner Information"
Through the General Communiqué on Tax Procedure Law No. 529 which was promulgated in the Official Gazette dated 13 July 2021 and numbered 31540, corporate taxpayers and certain ındividual taxpayers are obliged to submit beneficial owner ınformation.
Who are the beneficial owner(s)?
It refers to the natural person (or persons) who ultimately control or have the ultimate influence over legal entities or unincorporated entities.
How are beneficial owner(s) determined?
a) Real person shareholders holding over 25% of the shares thereof,
b) In cases of doubt that the real person shareholder holding over than 25% of the legal entity is not the beneficial owner or there are no real person shareholders holding 25% of the shares, the real person or persons who ultimately control the legal entity,
c) If the beneficial owner could not be determined within the scope of subparagraphs (a) and (b) above, the real person shareholder or persons with the ultimate executive authority,
will be considered as the beneficial owner and will be subject to declaration.
Who is subject to the obligation to submit beneficial owner information?
The beneficial owner information notification shall be given by the following persons;
a) Corporate taxpayers,
b) The person or partner authorized to represent the company in the unlimited companies, one of the partners of the limited partnership whose capital is not divided into shares and the shareholder with the highest share in the ordinary partnership; directors, trustees, or representatives of the trusts or similar enterprises, whose headquarters are located in Turkey or those established abroad that have Turkish resident directors.
What are the requirements to be declared in the form?
In the notifications, the beneficial owner' name, surname, citizenship, identity numbers, addresses; telephone, fax, and e-mail information, if any, and the reason for the beneficial owner shall be declared.
How to submit notification and what is the deadline?
All taxpayers and other persons, including corporate taxpayers who are obliged to provide beneficial owner information, are required to submit the beneficial owner information to the Revenue Administration electronically until the end of 31/8/2021 at the latest.
As a general rule, the declaration regarding the beneficial owner by the corporate taxpayers shall be made within the annexes of the advance corporate tax returns and annual corporate tax returns. However, taxpayers will submit their first declarations by filling out the "notification form regarding the beneficial owner" via the Internet Tax Office until the end of 31/8/2021.
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