New VAT amendment for insurance market


Following the communiqué published in the Official Gazette, many institutions including insurance and reinsurance companies, trade unions and their higher organizations etc. have been added in designated buyers who can be held responsible for withholding VAT.

The Communiqué on the amendment of the VAT General Implementation Communiqué, which closely interests many businesses, particularly insurance and reinsurance companies, was published in the Official Gazette on 16 February 2021. Accordingly, the buyers will apply VAT withholding in their purchases that are within the scope of partial withholding.

The construction works performed against VAT taxpayers and with a value of 5 million TL and above (VAT included) have been included in the scope of withholding. In the case of extension of the project, update in the amount stated on the contract or the similar reasons giving rise to work amount exceeding 5 million TL later, partial withholding will be applied just after an existence of one of those cases.

You can read the communiqué by clicking here.

Insurance Association Turkey
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