Taxation period in bitt is each month of the calendar

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Taxation period in BITT is each month of the calendar year. Taxpayers declare their taxable transactions and pay their taxes by the evening of the 15th day of the following month. In 2015, 2.25% of the General Budget Tax Revenues comes from BITT and the total amount of tax revenues derived from BITT is 9.171.600.000 TL (Turkish Lira).
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Usage Note: This document includes unofficial translation and explanatory notes regarding Turkish tax laws. This note shall not have legal bindingness. It shall not be used as an official document in any official and private corporations and institutions and national and international courts. It shall not be quoted for official documents. Our administration cannot be held responsible for any legal results that may occur with the use of this note. The Turkish version of the laws are binding for official and private operations, quotes and legal processes. 30 D. TAXES ON PROPERTY 1. INHERITANCE AND GIFT TAX (Law No. 7338, Official Gazette No. 10231 dated 15.06.1959) Turkish citizens are subject to inheritance and gift tax on worldwide assets received. Resident foreigners are subject to inheritance and gift tax on worldwide assets received from Turkish citizens and on assets located in Turkey received from resident foreigners or nonresidents. Nonresident foreigners are subject to inheritance and gift tax on assets located only in Turkey. Items acquired as gift or through inheritance are subject to a progressive tax rate ranging from 10% to 30% and 1% to 10%, respectively, of the item's appraised value. Tax paid in a foreign country on inherited property is deducted from the taxable value of the asset. Inheritance and Gift Tax is payable in biannual installments over a period of 3 years. In 2015, 0.10% of the General Budget Tax Revenues comes from inheritance and gift tax and the total amount of tax revenues derived from inheritance and gift tax is 435.253.000 TL (Turkish Lira). 2. PROPERTY TAX (Law No. 1319, Official Gazette No. 13576 dated 11.08.1970) The buildings and lands in Turkey are subject to property tax. The tax base for the property tax is the tax value of the building/land according to the Property Tax Law No. 1319. Property taxes are calculated annually by related municipality based on the tax values of land and buildings at rates varying from 0,1% to 0,3%. These rates are increased by 100% within the frontiers of metropolitan municipality. The taxpayer is the owner of the building/land, the owner of any usufruct over the building/land or if neither of these exists any person that uses the building/land is consired as its owner. Property tax liability begins following budget year in the case of acquiring property/change in situation of property or end of exemption. It is compulsory that a property tax declaration is submitted to the related municipality where the building and land is located in case there is a reason for modification of tax value.
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