Another year has passed, with its highs and lows.
Just as we remember 2023 for the regulations introduced in response to the earthquake disaster, it would not be wrong to say that we will remember 2024 for inflation adjustments.
Unfortunately, all stakeholders involved in tax inflation adjustments—businesses, the tax administration, professionals, and taxpayers—did not perform well in this regard. The business sector failed to clearly articulate its expectations, secondary regulations were highly incomplete and insufficient, and both taxpayers and professionals struggled to correctly assess the advantages and disadvantages of the regulations. Consequently, the implementation turned into a complete mess.
The bad news is that, unless a contrary regulation is introduced, tax inflation adjustments will continue for at least two more years under the current framework. I believe this chaos is unsustainable, and the future of the regulation must be reconsidered in the coming periods.
In addition to this, 2024 saw significant changes aimed at reducing fiscal incentives (exemptions, deductions, incentives, etc.) as a reflection of the tight fiscal policy. Unlike before, I hope that starting from 2025, all new regulations will respect taxpayers' vested rights and legitimate expectations. Unfortunately, recent experiences show that these rights have not been adequately protected in the latest regulations.
At the end of 2024, as is the case every year, the minimum wage determination process was closely followed. Efforts to find a balance point that would not upset the parties involved were evident. Similarly, monetary thresholds in fiscal regulations were redefined at the end of 2024 and the beginning of 2025.
In this month's Bulletin, we have included our Circulars and other work related to the key fiscal regulations introduced in December 2024. Details can be found on the following pages.
On this occasion, I would like to extend my best wishes for the new year to all our readers. May it be a year that, when looking back, you can say, "It was excellent in every way."
To review the 2025/January issueclick now !
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