• NSN Law Bulletin

The General Communiqué on the Revaluation Rate for 2021 was Published in the Official Gazette

The General Communiqué on Tax Procedure Law No. 533 which about the Revaluation Rate for 2021 was published in the Official Gazette No. 31672 dated 27.11.2021.

As per the Tax Procedure Law, revaluation rate expresses the yearly average increase of the prices according to the Domestic Producer Price Index (PPI) announced by the Turkish Statistical Institute between October months of relevant year and previous year. The Revenue Administration of the Ministry of Treasury and Finance announces this rate to the public via General Communiques published in the Official Gazette. Yearly determined revaluation rates apply to the duties, fees and monetary fines foreseen under various laws and regulations.

According to the General Communiqué on Tax Procedure Law No.533 published on 27.11.2021, the revaluation rate was determined as 36,20% for 2021. This rate will also be applied for the last provisional tax period of 2021. On the other hand, the President has the authority to increase or decrease the revalued amounts up to 50%. Various tax items and duties, official fees and administrative fines, will increase in proportion to the revaluation rate unless such authority is used by the President.

You may access the Communiqué by below link and contact us for further queries.

Author: Bilge Derinbay, Mahmut Ramazan Ertaş