BENEFITING FROM TAX EXEMPTION OF FOUNDATIONS - AŞIKOĞLU LAW OFFİCE
Aşıkoğlu started his position as the Alanya Public Prosecutor in 2009 and continued until 2013 when he quit his position to initiate his career as an attorney at law.
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BENEFITING FROM TAX EXEMPTION OF FOUNDATIONS

20 May BENEFITING FROM TAX EXEMPTION OF FOUNDATIONS

Posted at 23:35h in INFORMATION by
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According to the Law on Foundations, tax exemption is granted for foundations that have certain conditions. The conditions, procedures and principles for benefiting from the tax exemption of foundations and losing their exemption are determined by the Ministry of Finance.

Law No. 4962 on Amendments to Some Laws and Granting Tax Exemption to Foundations 20. According to the article regulation “Foundations established to receive at least two-thirds of their income for the purpose of performing a service or services included in the budgets of administrations with a general, added and special budget, as of nev, may be granted tax exemption by the Council of Ministers at the suggestion of the Ministry of Finance. it is said that “.

In addition to the regulation of the Law, detailed regulations have been issued with General Communiqués on Granting Tax Exemption to Foundations.

CHARACTERISTICS OF FOUNDATIONS THAT WILL BE GRANTED TAX EXEMPTION BY THE COUNCIL OF MINISTERS
Law No. 4962 on the priority of foundations wishing to benefit from tax exemption is Law No. 20. It must meet the conditions written in the article.

Within this scope, the foundations that aim to carry out activities in the fields of health, social assistance, education, scientific research and development, culture and environmental protection and afforestation are included. The subject of activity of the foundation that will benefit from the exemption may relate to one or more of the following. Besides being a legislator operates, these activities will reduce the burden of the public and public service of the state for at least a year and also be at a level that is seeking to continue this activity.

The foundation that will benefit from the tax exemption should not be allocated for its purposes, and the costs that must be spent should not be used for any other purpose in any way. In this way, foundations that go to the purpose distinction or are found to have spent the costs they should have spent on other purposes will benefit from the exemption, although these exemptions will be terminated.

The issues are numbered above the activity, even though it aims to serve a certain region or a certain audience, and organizational assets are not over a certain dollar amount, and also the organizational assets at least 10% of the amount of income on non-charitable tax exemption will be provided.

Another of the conditions sought for exemption is bookkeeping on a balance sheet basis. Foundations that do not keep books on a balance sheet basis are not entitled to the exemption.

The opinion of the General Directorate of Foundations and other organizations related to the issues targeted in the foundation deed is taken for the foundations that apply to the Ministry of Finance considering that they have met the conditions stated above. This opinion affects the ability of the foundation to benefit from the exemption.

 

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