Turkey, noting significant progress with its developing economy in recent years, investments in construction and real estate sectors, is becoming a center of attraction for institutional and individual investors. In this process, the country offers significant opportunities to foreign investors who need to master local dynamics to make successful investment decisions. As Trem Global team, we are closely following developments in order to provide support to investors in real estate acquisition and investment issues, which are highly dependent on internal and external factors and have unique problems, with our experienced and industry-dominated staff. In order to meet the needs of our customers in Turkey, and to help them achieve successful results in investment decisions we present Real Estate Acquisition and Investment Guide in Turkey to the investors, where we provide sector-specific knowledge. The information in this guide is general, not social, tax or legal advice.
Starting from the beginning of the year following the calendar year in which the tax receivable was born, the provision that the tax that was not notified to the tax and taxpayer within five years shall be time-barred. The statute of limitations on taxes and penalties of buildings and land which are not declared shall begin from the beginning of the year following the date on which it is learned by the Contracting Entity that this building and land is notified. According to this situation, the buildings, land and terrain that have been excluded from the notification should be notified to the taxpayer within five years of the beginning of the year following the date on which the relevant municipality learned that it was not notified. Otherwise, the property tax, which cannot be levied within the said period, expires.