Turkey

Accounting Requirements

Accounting Books:

• Posting Journal (Yemýye Defterý)
• Detailed Trial Balance (Defter-I Kebir)
• Trial Balance Reports
• G/L Register (Yemýye Defterý)
• Subledger Reports

Other Requirements:

• National Chart of Accounts
• National detailed coding instructions to be followed
• Inflation Accounting (can currently be avoided)
• Official currency rate to be used for transactions
• Tax Depreciations (Fixed Assets) to be posted in General Ledger
• Customer/Vendor Reconciliation Letter as legal basis for outstanding

VAT/Tax Requirements

Applicable Types

• VAT (IVA)
• Import VAT
• Witholding Taxes

VAT/Tax Books:

• Customer and Vendor Listing of Transactions

VAT/Tax Documents:

• Government Invoice Stamping

Other Requirements:

• Separate VAT accounting for Credit Memos

Usual Business Requirements

• Future dated checks

Requirements that exist in most countries, e.g. documentation of transactions, Annual Accounts or periodic reporting of VAT totals, are NOT listed above if no specific legislation exists about format or content.

DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.