Avoiding tax evasion
Turkish law states that property owners must declare
If you do not declare the correct amounts, you are likely to run into difficulties, most likely in the form of punishing fines when you are discovered.
Fines for tax evasion
Your penalty is dependent on whether
If the first point applies to you, your penalty will be lower than in the other circumstances. The penalty arises when the title deeds are transferred into your name – even if the evasion isnt found till later on. The principal is the amount of tax evaded as well as administrative penalties as detailed in Turkish tax laws.
If you dont pay straight away, a late penalty of 2.5% each month is added on to the principal. You also run the risk of being added to financial black lists, which may mean you are refused for loans or credit cards in the future.
Tax is always a confusing business and its best to consult an expert if you have any questions. Our experts are very knowledgeable in this field and are happy to answer any questions.
Double check your TAPU
Ensuring the information is correct on your TAPU will prevent you from falling victim to money launderers. The property market is very closely watched by the government, and if there are any inconsistencies, the authorities will notice.
Here are a few things you can do to protect yourself from fraud: