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Old 10th November 2017, 08:16   #1 (permalink)
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New rental rules for 2018

According to a local accountant in Kalkan, from 2018 everyone renting a property for holiday lets in Kalkan will need to account for their rental income on a "commercial" rather than "personal" basis.
This entails setting up a basic/small business which can be set up for approx 600-700tl.
The accountant will need to submit monthly returns to confirm income and expenses, and receipts for everything will be needed. The major cost will be accountancy fees - up to 2500tl pa.
VAT of 18% is also likely to have to be paid, and of course 15-20% tax on the income.
Has anyone in other areas have any info on this?
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Old 10th November 2017, 09:43   #2 (permalink)
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Re: New rental rules for 2018

OMG if that is true then …

- many owners will opt for long term rentals only which are already few and far between
- the cost of holiday rentals will go through the roof
- & further damage the Turkey tourist industry.

Property investment in Turkey looks less attractive by the day
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Old 10th November 2017, 09:55   #3 (permalink)
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Re: New rental rules for 2018

Quote:
Originally Posted by baclava View Post
According to a local accountant in Kalkan, from 2018 everyone renting a property for holiday lets in Kalkan will need to account for their rental income on a "commercial" rather than "personal" basis.
This entails setting up a basic/small business which can be set up for approx 600-700tl.
The accountant will need to submit monthly returns to confirm income and expenses, and receipts for everything will be needed. The major cost will be accountancy fees - up to 2500tl pa.
VAT of 18% is also likely to have to be paid, and of course 15-20% tax on the income.
Has anyone in other areas have any info on this?
This was touched on in far less detail in the information contained in the thread on rental income.
Local (Fethiye) Tax Office were clear that anyone renting is part of the commercial system. If true, it impacts not just on what you have set out here, but also insurance and the inability to work in your own property without a Work Permit: changing the sheets is the work of a paid cleaner not a business owner.
Also, having been involved in a few businesses here, the fun does not end when you want to close the business as they require you to keep the books open (and accountancy) for two years longer.

Ian
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Old 10th November 2017, 10:51   #4 (permalink)
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Wink Re: New rental rules for 2018

Quote:
Originally Posted by immac View Post
This was touched on in far less detail in the information contained in the thread on rental income.
Local (Fethiye) Tax Office were clear that anyone renting is part of the commercial system. If true, it impacts not just on what you have set out here, but also insurance and the inability to work in your own property without a Work Permit: changing the sheets is the work of a paid cleaner not a business owner.
Also, having been involved in a few businesses here, the fun does not end when you want to close the business as they require you to keep the books open (and accountancy) for two years longer.

Ian
I best not tell the wife this ,or she will demand a sheet changer .
Mind you ,that painting she keeps on about I can leave.
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Old 10th November 2017, 11:41   #5 (permalink)
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Re: New rental rules for 2018

If the business has to run on a commercial basis does that mean that directors' social security payments will also be necessary?
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Old 10th November 2017, 12:27   #6 (permalink)
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Re: New rental rules for 2018

Will renters now need to change their electricity tariffs to business rate?
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Old 10th November 2017, 12:46   #7 (permalink)
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Re: New rental rules for 2018

Contact
Sally
smilepropertymanagement.com. They offer a complete service on this subject .
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Old 10th November 2017, 13:06   #8 (permalink)
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Re: New rental rules for 2018

Quote:
Originally Posted by IbrahimAbi View Post
Will renters now need to change their electricity tariffs to business rate?
Yes, that was mentioned by the Tax Office.

Those who think this is all too much, must understand the motivation and key players behind this law change. The hoteliers have got this through deliberately to force private renters out of business; they want tourists, but they want them in the hotels not in private houses; the government want the taxes to stay in Turkey, not in some private citizen´s account in Europe.

So the new rules are working just fine from their point of view.

Unfortunately there may be unintended consequences, such as tourists not coming at all; it will probably take a few years to see how this will turn out.

Ian
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Old 10th November 2017, 14:10   #9 (permalink)
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Re: New rental rules for 2018

Going back quite a few months ,the reason they gave was for security .
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Old 10th November 2017, 14:34   #10 (permalink)
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Re: New rental rules for 2018

Are they more secure when foreigners have to set up a business? No, it is all to encourage tourists into the hotels. What seems to have been ignored is that tourists can decide for themselves and vote with their feet. Tourists that enjoyed villa holidays will still have villa holidays, in Greece or Spain.
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