Do I Need Official Approval of Tax Returns by a CPA?
All taxpayers without taking into account their net income or asset volume could demand official approval of a CPA. Official Approval of tax returns is not compulsory in general. It is prefered by the taxpayers who want to take advantages of official approval.
If the taxpayer wants his tax returns to be approved he needs to make a written contract with a CPA in January.
Official Approval Service essentially means receiving financial advises and by this way avoiding taxation risks and cost.
Tax returns and related financial tables approved by a Certified Public Accountant (CPA) are recognized as documents audited by tax inspectors and officials of the Ministry of Finance. As a result, those companies which have CPA approved tax returns do not be subject to tax inspections in general.
Companies which have CPA approved tax returns do not also need extra approval reports to benefit from investment incentives or any other tax exception.
On the other hand, if a company has a tax exception from corporate tax which is more than 246.000,00 TL by the year of 2016 and if this company does not has a tax return approved by a CPA, this company needs a special CPA report to use this exception.
Companies which have CPA approved tax returns could receive their VAT and Excise Tax returns without any limit.
Companies which have assets less than 6.741.000,00 TL and net turnover below 13.478.000,00 TL by 2016 have to work with an accountant. If those companies have an aggrement by a CPA, they do not need to work with an accountant.
Moreover, if the tax paid in advance within the fiscal year is above the final tax charge, the withholding tax to the limit of 100.000,00 TL could be received by the CPA report.
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