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Laws & Regulations
Payment and e-money institutions' commissions were first subject to VAT, until Expenditure Taxes General Communiqué No. 91 settled the matter. Here is how bill payment intermediation is taxed under Article 10.
E-commerce
Expenditure Taxes General Communiqué No. 91 ended the VAT versus BSMV debate for payment and e-money institutions. Under Article 7, e-money institutions pay BSMV on the commissions they collect.
Merchant & POS
Payment and e-money institutions' commissions were first subject to VAT, but since their work resembles banking, BSMV was debated. Expenditure Taxes General Communiqué No. 91 settled the question.
Merchant & POS
When payment and e-money institutions were first set up, their commissions were subject to VAT, but BSMV was also debated. General Communiqué on Expenditure Taxes (Serial No: 91) settled the issue; here is how the tax base is determined.
Payment Systems
TCR stands for Transaction Record Component, the packets that carry transaction information in a clearing system. Transaction types in a clearing file are distinguished by transaction code and usage code values, and this data is sent inside TCR packets.
Payment Systems
With its announcement of 30/11/2023, the Revenue Administration published a draft Tax Procedure Law General Communiqué to complete the replacement of old-generation payment recorder devices (EN OKC) with new-generation ones (YN OKC), reduce cash use and increase card payment options.
Laws & Regulations
BSMV stands for Banking and Insurance Transaction Tax, levied on banking and insurance transactions. This post explains how it applies to payment institutions and e-money institutions under Expense Taxes General Communiqué No. 91, with an example.
Merchant & POS
Doctor POS devices are POS terminals designed for physicians, dentists, and veterinarians who are income taxpayers, meeting the requirements set out in the General Communique of the Tax Procedure Law (VUK).
Credit Card
The effect of credit cards on inflation has been debated for years. Because I am asked about it so often, I ran a poll on arifunal.com to gather readers' views. This post weighs the positive and negative effects and compares the poll with the research findings.
Laws & Regulations
When payment institutions and e-money institutions were first established, the commissions they collected from customers were subject to VAT. Because they carry out activities similar to banking, BSMV was also debated. The General Communiqué on Expense Taxes (Series No: 91) resolved this.
Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Merchant & POS
The Secure Mobile Payment System is a system permitted by the Ministry, operated under the Revenue Administration (GIB) Communiqué, for sales, payment and collection transactions and the electronic creation, transmission and retention of the related financial documents.