Tax Procedure Law General Communiqué No. 582, published in Official Gazette No. 32814 of 15 February 2025, sets out the roadmap for the inflation adjustment to be made in 2025.
Tax Procedure Law General Communiqué No. 582, published in Official Gazette No. 32814 of 15 February 2025, sets out the roadmap for the inflation adjustment to be made in 2025.
Under the Communiqué:
- Relying on the power in sub-subparagraph (b) of subparagraph (8) of paragraph (A) of repeated Article 298 of Law No. 213, it has been considered appropriate for taxpayers within scope not to make an inflation adjustment in the first, second and third advance tax periods of the 2025 accounting period.
- For taxpayers assigned a special accounting period under Article 174 of Law No. 213, the advance tax periods of the accounting period beginning within calendar year 2025 will be taken into account for the purposes of this Communiqué.
- No balance sheet will be annexed to the advance personal or corporate income tax returns filed for the periods in which inflation adjustment is not required.
- All taxpayers within scope, including those who did not make an inflation adjustment in the advance tax periods of the 2024 accounting period, will make an inflation adjustment in the balance sheets as at the end of the 2024 accounting period (for those assigned a special accounting period under Article 174 of Law No. 213, in the balance sheets as at the end of the accounting period ending within calendar year 2025).
- Taxpayers engaged exclusively and continuously in the purchase, sale and manufacture of processed gold and silver are obliged to make an inflation adjustment (as at the end of each advance tax period) regardless of the conditions in subparagraph (1) of the said paragraph, and will therefore continue to make an inflation adjustment, including in the first, second and third advance tax periods of the 2025 accounting period.