Independent Accountants and Financial Consultancy Limited Company

• Preparing companies accounting records in accordance with the uniform chart of accounts
• Recording of purchase, expense and sales invoices and cash, bank and current account transactions related to company activities in the accounting system
• Review of the accounting records according to the relevant tax laws
• Making cash, bank, customer and seller account reconciliations and testing their accuracy
• Making monthly, quarterly and annual period-end closures and preparing the financial statements (balance sheet, income statement, cash flow statement, etc.) of the companies in accordance with the uniform chart of accounts
• Preparing periodic tax (Corporate Tax, Income Tax (Withholding), VAT, Stamp Duty, Temporary Corporate Tax) declarations and receiving accrual receipts
• Performing opening procedures and obtaining registration numbers for main or branch offices in Tax Offices, Social Security Institution (SSI) and regional employment directorates
• Performing opening procedures and obtaining necessary access keys for e-decelerations
• Preparing monthly Social Security Institution (SSI) notifications and receiving their accruals for payroll service customers or in the light of information prepared by the company
• Customer notification of the payments of taxes and insurance premiums accrued from declarations made electronically
• Preparing annual activity reports and sending them to the Treasury or the relevant ministries, after obtaining the approval of the customer

Delivery of goods and services made in Turkey are subject to VAT. However, exceptions apply and these are stated within the Value Added Tax Law.

For transactions within the scope of these exceptions, previously paid VAT is returned to taxpayers by deducting them from the Tax, Social Security Institution (SSI), and other public institution debts or paid in cash.

The refund process requires consultancy services, working out the refund amount, preparation of VAT refund lists, management of the reporting stages and the following outlined processes:

• Determining refundable VAT amount
• Preparing and uploading the VAT based return list, the loaded VAT list, the sales invoices list, the customs declaration list and the calculation sheet in a format suitable for the system
• Eliminating the deficiencies identified in the risk analysis control reports during the refund process
• Preparing and finalising the reports required for cash or offset refunds

• Sole proprietorship establishments
• Collective or limited partnership establishments
• Limited liability establishments
• Joint stock company establishments
• Foreign capital company establishments
• Establishing liaison offices

• Merges and Acquisitions operations
• Company type change procedures
• Capital increase/decrease transactions
• Business valuation and appraisal services

• Providing audit and / or consultancy in accordance with International Financial Reporting Standards (IFRS) following a request from a regulatory agency, such as the Banking Regulation and Supervision Agency (BRSA) or the Energy Market Regulatory Authority (EMRA)
• Special audit services provided in case of transfers, mergers or divisions
• Risk assessments and control services
• Auditing of the financial statements attached to tax declarations with tax-based accounting regulations
• Accuracy audit of the turnovers reported by the tenants, who have signed a turnover-based lease, to the management or owners in the periods specified in the contracts
• Audit of cash flow statements for lenders to businesses
• Preparation of reports on foreign exchange earning transactions
• Other special purpose audit, consultancy and reporting services

Pursuant to provisions regulated in Annex 1-11 of the Tax Procedure Law No. 213, taxpayers have the opportunity to reconcile with the administration on tax issues.

Within the framework of the services provided, SMS Serbest Muhasebeci ve Mali Müşavirlik Limited Şirketi protects the rights of the clients in the relevant settlement commissions, ensures their reconciliation and provides all secretariat services related to these services.

Revision is a technical word used for tax inspection. As if conducting an official tax review of your records, our team of experts can examine your organization's registries in detail and identify errors and potential tax risks.

Business managers would then be informed about the result of the revision and additional support services can be provided if requested.

Your company's books or documents may be subject to full or limited counter-scrutiny by the inspectors.

The purpose of these services is to ensure that the tax laws and the rights granted to taxpayers are fully implemented and any examination is finalised with the clients’ best interest.

In addition, the following services are provided at the highest quality in order that companies that do not have a Full Approval agreement are always prepared for tax inspection and do not encounter a negative situation in possible tax inspections.

• Continuous or indefinite consultancy on all kinds of accounting or tax transactions
• Notifying clients of any changes to law or implementation practices with appropriate interpretation
• Providing in-service training on accounting principles and practices
• Establishing accounting systems and creating document formats
• Creating and reporting periodic financial statements
• Providing consultancy services on incentive applications
• Preparing annual statements
• Consultancy service on customs tax
• Consultancy on the functioning of the Free Zone
• Consultancy on Foreign Exchange Legislation
• Transactions related to Research and Development Incentives
• Consultancy on tax disputes
• Consultancy on international tax treaties
• Consultancy on tax planning, tax benefits and regional tax incentives
• Due diligence
• Accounting organization consultancy of all sorts of enterprises
• Business financial statement analysis
• Consultancy service regarding the determination of the accounting staff or the selection of new personnel
• Consultancy on Foreign Capital and regional economic community (such as the European Community) practices
• Resolution of all tax errors with the relevant and authorized tax offices