Why to Avoid Tax Evasion
Are you a tax evader?
Can the financial penalties charged on a tax evader be amnestied? How?
The principal term of the financial penalty and interests charged on a tax evader
Risk of paying much more personal income tax in case of a sale
Risk of being paid very low compensation in case of nationalisation
Risk of re-mortgaging your property at a lower value
Risk of being involved in an anti-money laundering activity
Risk of being included in the black lists of financial organisations
Other important points
According to the current tax regulations, the owner of a property has to declare
- The actual value of the property to the TAPU office (at the time of transfer of the ownership of the property into his/her name) and
- The actual price which has been paid to the seller to the municipality (by end-December in the year of acquisition)
With regards to purchase, if the amounts you declared to the tax authorities are less than the amount you actually paid for the property, you are highly likely to encounter the following problems.
For simplification purposes, assume that the actual purchase price you have paid is £100,000 and the amount you declared to both the TAPU office and the Municipality is just £30,000 (Although personal income tax in Turkey is calculated in YTL-terms and some inflation-based multipliers are used for present value assessments, so as to simplify the explanations, the following explanations are made in Sterling terms and we do not show the breakdown of all calculations):