TCMA Annual Report 2021 32 INITIATIVES Contribution to the Tax Expenditures Report of the Republic of Türkiye Ministry of Treasury and Finance Data on revenues derived on equity and securities investment trust trading on the basis of investor groups for 2020 were compiled from our members and submitted to the Republic of Türkiye Ministry of Treasury and Finance to be used for the Ministry’s Tax Expenditures report. Obtaining LEI Code for Mutual Funds As delegated by the Capital Markets Board of Türkiye (CMB), the Association compiled members’ statements that LEI (Legal Entity Identifier) codes have been obtained for mutual funds and matched with the existing ISIN codes, for which the deadline was 30 June 2021, and submitted the same to the CMB. Actual Beneficiary Notifications Tax Procedure Law General Communiqué Serial No. 529 published on July 13th imposed the obligation on Corporate Tax Payers and certain other persons to electronically notify the actual beneficiary information to the Revenue Administration; however, there was an ambiguity with respect to the definition of the actual beneficiary in relation to mutual funds. Accordingly, the Association asked for clarification whether mutual funds are obliged to make the said notifications and if yes, the Association suggested to the Revenue Administration that the definition should be clarified. The Revenue Administration’s informative announcement about the principles for actual beneficiary definition with respect to entities such as unincorporated business partnerships like mutual funds were shared with our members. Calculating the Maturity of TLREF-based Debt Instruments The Association made attempts before the Capital Markets Board of Türkiye (CMB) for clarification of the calculation of the maturity of TLREF-based debt instruments that can be included in the pension funds and securities money market funds and initial pension funds portfolio. In line with our suggestion, the CMB set out the principles for calculating the maturity of the said products.
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