TSPB ANNUAL REPORT 2017

Draft General Communiqué on Tax Procedure Law T.R. Ministry of Finance Revenue Administration was presented with our members’ feedback and suggestions regarding the Draft General Communiqué on Tax Procedure Law describing the implementation of changes made to the “Notification Form for Goods and Services Purchases” and “Notification Form for Goods and Services Sales”, which was prepared by the Revenue Administration. Opinions and Suggestions Regarding Banking and Insurance Transactions Tax (BITT) The Association’s feedback and suggestions regarding the issues Banking and Insurance Transactions Tax (BITT) is causing in relation to financial products and their solution were communicated to the T.R. Ministry of Finance Revenue Administration for consideration within the frame of the General Communiqué on Implementation of the BITT related provisions of the Excise Tax Law no. 6802 released by the Revenue Administration. Taxation Incentives for Company IPOs To encourage public offering of companies operating in Turkey and within the frame of the reviews on related tax regulations, the Revenue Administration was presented with the Association’s opinions and suggestions concerning taxation incentives that can be implemented to increase the public offering of companies on Borsa İstanbul and the ratio of public floatation. Draft on Tax Implementations Concerning Mutual Funds and Investment Trusts The Ministry of Finance Revenue Administration has been provided with the feedback and suggestions conveyed by our members to the Association regarding the Draft Guide on Tax Implementations Concerning Mutual Funds and Investment Trusts, which cover explanations on the taxation of mutual funds and investment trusts and for which feedback was sought by the Revenue Administration. Granting VAT Exemption to Real Estate Investment Trusts The Ministry of Finance Revenue Administration has been provided with the Association’s feedback and suggestion that VAT exemption be granted to real estate investment trusts set up to be marketed to non-residents. Foreign Account Tax Compliance Act (FATCA) Our opinions for eliminating the hesitations regarding notification of financial account data of their clients by our asset management company members within the scope of Foreign Account Tax Compliance Act, which went into force in the U.S. and which is commonly known as FATCA, were presented to the T.R. Ministry of Finance Revenue Administration. The Association’s Investment Portfolio In June 2015, the Association’s Board of Directors decided to invest the provisions for severance and notice pays for the Association’s employees in the mutual funds traded on the Turkey Electronic Fund Trading (TEFAS) Platform, for the dual purpose of securing maximum returns with minimum risk through proper distribution of assets, and of supporting the capital markets. The preparatory work for the portfolio, an assessment of its one-year performance and the updated distribution of assets were published in the Association’s quartely journal, Gösterge . Initiatives 24 TCMA 2017 Annual Report