'( ) ' ' * ' * 0 %!,# !"". 1.3%4&.%%!3%.#%+ * #4+!"",!"",/#4!3! * + + ' ' ##!""8!""8/#4%," * + + ' 9" -

Transkript

1

2

3 !"#" #$!%!"## &#!"## ( ) + %!,# !"". &#/#!/!""%!"".!""% 0 %!,# !"". 1.3%4&.%%!3%.#%+ #4+!"",!"",/#4!3! ##!""8!""8/#4%," + + 9" - : ; ","#!"#" < 1= 1 2 += 1.3 %%!3 += - 9" :.""8 + "##"!"#" 1.3 $ - > 1 2 += 1.3!"#"/8! :?+ A 69" 9#" - 1

4 1 2 += 1.3!3/8/!"#"!"#"/8! !33: B=1 2 1@ ##"!"#" 1.3 9" - C $ : + 6 $:?+ $ 1 2 +=1.3D!3"8!"#"!"#"/8!. + + ##"!"#" D " #6 # 9" 9#" 9#" - < 1 2 += 1.3!"#" ##"!"#"!8#!!"#"!"#"/##,! + +! : + +!8#!!"#" + + = - ) #&"#!"## < 1!38 B= :@=!"#"/##,! + + = sayılı Türk Ticaret Kanunu hükümlerine göre kurulmu olan anonim, limited ve sermayesi paylara bölünmü komandit irketler ile benzer nitelikteki yabancı kurumlar, Sermaye Piyasası Kurulunun düzenleme ve denetimine tabi fonlar ile bu fonlara benzer yabancı fonları, Türkiyede münhasıran menkul kıymet ve dier sermaye piyasası aracı getirileri ile deer artıı kazançları elde etmek ve bunlara balı hakları kullanmak amacıyla faaliyette bulunan sınırlı sorumlu ortaklıklar, ülke fonları, kurum ve kurulu fonları ve yatırım kuruluları gibi yabancı kurumsal yatırımcıların tümü. 2 Sermaye Piyasası Kurulu nun ( SPK ) Borçlanma Araçlarının Kurul Kaydına Alınması ve Satıına likin Esaslar Hakkında Tebliinde ihraç, borçlanma araçlarının ihraççılar tarafından çıkarılıp, halka arz edilerek veya halka arz edilmeksizin satıı olarak tanımlanmı olup, söz konusu Tebli uyarınca, ihraççıların ihraç edecekleri borçlanma araçlarını Kurul a kaydettirmeleri zorunludur. Bu kapsamda, yurtdıında ihraç edilen tahvillerin vergisel sonuçlarına ilikin deerlendirme yaparken söz konusu ilemleri, tam mükellef kurum tarafından ihraç edilmi ve SPK tarafından kurul kaydına alınmı olan tahvillerin yurtdıında satıı olarak dikkate alınmaktadır. 2

5 !8#!!"#" + = = - )!""3 + > + 9%" = <!"#"!"##!"## F : D> ) ;G 3

6 D> ) ;G?HI2 (( :? J J 1;1K + BI ;> ;+;<+;<;:J D> ) ;G?HI ( 4

7 !"# #"$"$%"& ( )$ +(, -. /. 0 -"$""1"0 -"$""1"2"2 2 %%3"2%%!"$%0 4 (!"# "5"%6 4 "%!%8 4 (!"# "5"%% ) 2! $8 44 (!"# "2%"#%!"#" 8 472!8"%#)"!"$%#" ()2 #" 4: 19:,;9"22 "<$"!%2" (!"# "5"%#" 7 = 5%%">"1"% 7 = 5%%">"1"%% ) 2! $## 72.%("!"## 74 = 5%%% $<5## (2 ## 7?-2 ($! $## 7:/"""@$A#! 7, 19:,;9"22 "<$"!%2" = 5%">"1"%#! #)""9"( )! B! : C"=" )! B! "<$"!%2"-"$" "1"2" 2 2 ) 2! $4 : "!D( 3 1 ( #& #.##(: 1 #& 1.3=+2 <- #% 1 #3 #.#&@ <D: 1!# #.#4L1!# #.#%+> L+ +E?!! #.#. > L ;: +!! #.#3+>K<:>K1>K= +E?!! :"D( 3 1 (!& #.!#(: 1 2!& #.!! ) 0 1 2!4 #.!&@ <D: 1 2!. #.!4L1 2!. #.!%+> L+ +E? 2!3 #.!. > L ; : + 2!3 #.!3+>K<:>K1>K= +? 2!3 :4"!D( 3!"!3 #.&#+ 2!3 #.&!+ +!, 5

8 +E? M :-&# (;G &# :?+ &# #.&&) 2()&# #.&40 : 70 +&& #.&%0&8 :7"D( 3!"&8,;2!)& +""5"2" 2 2 ) D> 2 #"<%"9"( 5 +(3"54# 0 19:,;9"22 "<$"!%2"( )! B!7 "$"2D>! 4! "!D( 3 ) 1 ( ( + (!" 1 A">% 3"> + "%!E$"5%! (">"1"%2" F 8""( #)"" $58<"B 8"%% <5" ( "#"$" "@(! $""%43 4 ((%#! 5 + 2= $!"# <#"$"$%""1"%% 2 1%("%!"$%+ 2 55!"$%$D ) D> 2 #"<%"9"(5 +(3"54, &#@ 4, &##: 48 &!1 %# &&@ %# &&#1%# &&!1 %! &4@ %& &4#;$ %& &4!.3 &4&).3 &440.3 &4%.3 &4.., &%@., &.@., &3., &,.8 7 )$",;9!"22 $G!""%A 22 #">%%! ($!"# "5"%D> 2 #"<%"9"(5 +(3"5.8 "(" + ""9% (!"9" 5 +(3"5$%> 8""( $"5% "%"! ( (%#! 5 2 #"<%"9"(5 +(3"53" : +2"53"> + <8) D> 2 #"<%"9"(5 +(3"53", 19:,;9"22 "<$"!%2" +(3"5""A5" #"% 3# 3#1 3# 3##@ 3# 3#!@ 3# 3!+ 3! 0"5%%!38+ 85"(%("%%+ ) 2! $3!,#@ = N3!,!) 3&,!#? 3&,!! 34 6HH:5"@2 2 5"@++ A88"2" 2 2 ) + ) 2! $34 HH:5"@2 &9 (5$"< 2!8"! ((%#! 5+ #" 2= $!"# <#"$"$%""1"%% 2 1%("%!"$%2"+ #" 2 55!" $D ) 3% (!( ) $ )! #&! ""!""%%#)"!"$% 3. 6

9 2 : 1 0!""8 9&&8 ;!"""$!""8?> 2 %" ) 8<"! ) 12 ("#%!"""!""#!""!!""&!""4!""%!"".!""3!"",!""8 &8.&9 &8&%9 &!4!9 &"489!8""9!,.89!8!"9 &#4"9 &&!"9 &&8"9 + +!""8 9!&4 ;!"""$!""8 )$8<"! ) 12 ("#%!"""!""#!""!!""&!""4!""%!"".!""3!"",!""8!&449!8#49!&""9!"!49 #84,9 #8#&9!#""9!!!"9!&4"9!&4"9 K I)= K A 9&!K I); 9%%A 5> 93.! ; 93!% 9.,!) 98"#L983L 9."# 9%"#D 93! O 9484 D93#,B 98!%? 94!# D 93"4 D 9,3!6 3 Tax Administration in OECD and Selected Non-OECD Countries: Comparative Information Series (2008). 5

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

11 0+ 9!"= 1 ; ; Q ; 2 R : 2 5Q:2R6 Q R :2=!"# #"$"$%"& ( )$ +( = = M #8,! ; 5 6 ;1.3= 7

12 -. /. -"$""1"? += &/ Q:? ; R + ) :?, Q C Q:?+. GC TK T T> T) T T: :?+ Q) :?R > 5 6 :? :?+ Q R 5 6 -"$""1"2"2 2 %%3"2%%!"$% 1 QRQR5$ 6 0 R &3= $ Q R Q R ;,,? :?+ Q R 8

13 -"$""1 (!"# "2% G-">H""#% = ">"1+ "5" = 5%%">"9% G%!$"5%!">"9% ( + 8 L ;:+ +>L+ < L /??D L 0 QR 1 4 (!"# "5"% 4 "%!% 1 2 += 53% (!"# "5"%% ) 2! $ #" (!"# "2%"#%!"#" 53./#6 8 ( #" D %!,###!"". ; ##!"". &##!!""% D 9

14 472!8"%#)"!"$% 1 2 += 53./!%!,# 6;%!,# ##!"". ; 1.3= ##!"". + D 0 D &##!!""% ) ##!"" D 0 D D N D 2 J+ ) ( 0!"#" 98&4"P!"## ()2 2 N53,6 ) :D= ; 1 5$6 1 : :D= I 5;$6 DK5$6 ) 5I$5ITDK66 2 :D 5I$)6 4: 19:,;9"22 "<$"!%2" (!"# "5"% > ##!"". 1.3= &##!!"#% 1 2 += 1.3= - )!"#.= : 1.3= - 9" 9#" 9#% - ; B = 10

15 -#, 7 = 5%%">"1"% 1 2 += Q) + D R Q) ; + R5);+6 > 5,"6 QR 7 = 5%%">"1"%% ) 2! $ ) ) 5 6 5ML 6 5!"#"#,"""@O!"###8"""@O %("!" 1 2 += 74 = 5%%% $<5 );+= (2 : - 7?-2 ($! ML ;&##!!""% 9#" ## ) ## ##!"". %!,# 11

16 = ) + D : #! 0 ; ; $ I 7, 19:,;9"22 "<$"!%2" = 5%">"1"% > ##!"". 1.3= &##!!"#% 1 2 += 1.3= - )!"#.= : 1.3= -- ; ML S B = -#, #)""9"( )! B! > 1.3= - : ;1.3= = )##!"". 5!"#.= = - ; - $ QR - #! ;

17 Q R ; - - Q -R Q1.3= -R kili vergileme sistemi Yeni rejime girmeyen kazançlar normal rejime tabi: - Beyan usulü - Artan oranlı tarife Yeni vergileme rejimi sadece belli araçlar ve belli ilemler için geçerli - Stopaj nihai vergi - Beyan yok (ticari faaliyet kap. deilse) GVK normal vergileme rejimi :C"=" )! B!"<$"!%2"-"$""1"2" 2 2 ) 2! $ - ; 1.3= - : "!D( 3 1 ( :$$ Yeni vergileme rejimi ( $$ 2""#"%% ) 2! $ #& K + : 9#%= > : U= D 5-6!!"""@O=5!"##!&"""@O #4 6 #& +> K <: > K 1 > K #4!8#!!"#" <1=!3,: B=1 2 1@=!"##

18 5 Q R 6 ( 5 6- :U= ) = 6 U= + 2 > = I = ;;G 5-6!"#"4."""@O : ;;G!"#"I= I= I!"#" V I= 5!&"""@O6!!"""@O= : U= I= N +? 5@6@ ;;G I=0@ 5@: 6 &8#""@O + 5 U=6!&"""@O (2 5!"#" 6 4!&"@O!!"""@O &8."@O #"""@O!3"@O!&"""@O 2 5$6 54!&"@O6 0 "@O 4."""@O= > 9#% ( N - #88,0BI :D+;<O;<:@K?;W;2 >;B;@;D) #88, - #888$!""!>YOO;<YB;DODG+DBD:@D:B;+;S;BFO;<);B2 12+1F.#;)) +;?:;YB);+D +;S;BFO;<);B);XY@YO;B+;<?;>O;<YB);B:@K?;W>;?YO;SJ+;<?;>O;<YBYB >;BY DFDB0S OD<( :;?O;;G #888$!""! 14

19 : #= #% #888$!""! #= #/8= U= ( #/%= - >J<@)YGY+J<JO;<);B O) )DO B+;<?;>O;<YBYB@;;Y >;B;@;D)D< > = 6 5!"#" #"8"@O=!"## ##3"@O= 6 U= > - #. F 2 0 ; 5F20;6 - +;<?;>Y2 <1DO :DB) (D:: : B )DBDB )DBDO G +ODBDB0B D>K+@J< : ) :,;9"22 "<$"!%2"( )! B!5($ =!"".$!"#. 2 Q -R = #, $$ 2%!E"5%!">"1"%% ) 2! $ ( $ 5 6 ##!"". :? = ##!"". :?+ ##!"". :?+ 12+= - K - N 5#6! D 1 #% #!44!""& #. > 1 2 +=#!& 15

20 5!6" " #$$%&!&C $( ) & & ML #,"""@O=5!"###8"""@O6 $@ ( ) # # #,"""@O=5!"###8"""@O6 $) $ #,"""@O=5!"###8"""@O6 $D $; $ 5&6" " #$$%&!+, = 6! D! 5 ML 9#"= QR 5%6> :,;9"22 "<$"!%2"( )! B!5($ = 5@ = :? + /@ = #&##!"", < 1=!"",/#4!3! + + 9" ##"!"#" &""8!"#" < 1= + + 9" - :- ; 9#" > );+ Z Z E = #, D + 16

21 ,"= 1 2 K $ 5 6!%= 1 2 ;!% #3 1 2 U= 5 &# 6 6 : ( : + 5+ I> (5&"@++ 88"%2"2 2 ) + 5+ I> (5&"@++ 88"%2"2 2 -"> + 5"@++ "> 88"% (512 "5%"I> (5&"@ "> 1 2 +=Q + K D 0 D ##!"" = ##!"". 12+= ). - N #

22 5);+6 - ) - ) #, 5-6!"#"!!"""@O=5!"##!&"""6 - ) 5-6!"#"!!"""@O=5!"##!&""" N ) 5 6 L 5 & /01!+! :- 5 = 6 9" 9#" /-) ) )! ; 19:,;9"22 "<$"!%2"( )! B!5($J ) ( = - F - - > 5 6 Z Z E =!"".$!"# = #, #, D &&4 18

23 + 52%%2""5%"I> (5&"@ "> #&"#!"## < 1=!38: B= 12+ 1@ #8 C # 9#" #& 93 &% 9& % 9" - - ; L I> (5&"@++ 88"%%2.%("%!"$%892 2 = 5%%">"1"% + 5"@++ "> 88"% "5%" I> (5&"@+ 2.%("%!"$%892 2 = 5%">"1"% ) ##!"" = ##!"". 12+= - K - N $ ML ) #8 :?+ =5P=:?+==6 A ; + + = :?+ 19

24 = 19:,;9"22 "<$"!%2"( )! B!5($ ##!"".= = - F- - > );+ Z Z E =!"".$!"# = #, 52%%2"@"12 I> (5&"@+ 2.%("%!"$%892 2 = 5%">"1"% > = - K $ 5 6!%= 1 2!# ;!% 1 2!" :?+ =5P=:?+==6A ; + + = :?+!# 56 20

25 U= 5&# 6 U=@ : ( QR :4 $ <8!892" K D 0 D > > ;1 2 + &##!!""% 1.3= 9#% - :7 +2"5-"> > C - - C - > - :? $ &##!!""% ; -- 5@O )6 1.3= 9#% - > 21

26 : (%#! 5"5%%!-8"5%!" ) L"#"% +> L :? :?+ + 2 F E 84= 9#" - Z 0 9%#A D > L > = ::8$""5%%!-8"%%%!"5%!%2"2 2 ">"1" $ F - );+ Z Z E :,CM CMC;2"2 2 L"#"% :? + > K 5+>K6<: > K 5<:>K61 > K 51>K6 Q(:+? 2 +>K<:>K1>K U= D 5-6!"#"!!"""@O= 5!"##!&"""6 ( +>K <:>K 1>K - 1.3= - 22

27 :"D( 3 1 = ) F 2 0;!! I 34 1 M ;2 F 2 0; F20; ; 5 F20; R I J F20;=#& = ( :$$ ) 2! $ ) $$ 2""#"%% ) 2! $ ) ; I F20;= $$ 2%!E"5%!">"1"%% ) 2! F20;= HHH!& 23

28 ) (=!4 ; #% 1.3= > 1.3= 5@ = :? + = 6 - F - - > );+ Z Z E D ,"= 1 I F20; : + 5+ I> (5&"@++ 88"%2"2 2 ) 2! $ ) + 5+ I> (5&"@++ 88"%2"2 2 -"> + 5"@++ "> 88"% "5%"I> (5&"@ "> ) 2! $ ) - 5) 9" 9#" 6 :- : 1.3= I F20;!4? ) 24

29 I> "> ) 2! $ #&"#!"## < 1=!38: B= 12+ 1@ C # 9#" #& 93 &% 9& % 9" - - ; : I> (5&"@++ 88"%%2.%("%!"$%892 2 = 5%">"1"% + 5"@++ "> 88"% "5%"I> (5&"@+ 2.%("%!"$% = 5% ">"1"%% ) 2! $ ) ) #% 1.3= > "#"#!"". $ 9#"- - > Z Z I F20;!. 25 :?+ =5P=:?+==6 A ; + + = :?+!.F2 0; 25

30 I> 2.%("%!"$%892 2 = 5%">"1"%% ) 2! $ ) 12+ 3/3 A == ;! PP A@ A = > = : :4 $ <8!892"2 2 ) 2! $ ) ) I F20;= - 9#% ) - :7 +2"5-"> ) 2! $ ) ) 9#% - ) I F20;= - 27 :?+ =5P=:?+==6 A ; + + = :?+ 26

31 : ( %#! 5 "5%%! -8 "5%!" ) L "#"%% ) 2! $ ) 9#"!, - 0 9%#AD ) :: 8$" "5%%! -8"%% %! "5%!%2" 2 2 ">"1"% ) 2! $ ) 9#" ) :,CM CMC;2"2 2 ""#"%% ) 2! $ ) ) -@ I F20;= - ) - :4"!D( 3!" :4!" )$D( + ; + N T: G $;G $OG $: $> L 5+ 6!8!, F2 0;! =!= :?+ E 27

32 $ T+ TD++ T) 2 DD TDK :4!">"9%+ $5$"" > = Q R : 1 2 += Q R + > : %6 N C 5L E 6!6@ E E E E +E E D - E D D E ; E + D C - D - = - D 9#"= 28

33 - D - D 5E 6 9#% = - = > D 9#"= + 93% 9#"! C - = - > C 93% 9#" - : 53&"6 ) 93%= 93%= 9#" 29

34 I =5;6;G=#&/#/!"#" 9,"= 565I65)6 : %"""""@O= 5;6;G= N 56G %"""""@O5;6;G=!%""""@O 5I6G!"""""@O5;6;G= #"""""@O 5)6G #""""""@O5;6;G= %""""@O= 5;6;G=5)6G 9% 5;6;G= [5!%""""\#"""""6/%"""""]^ 93" G5;6;G=5)6G 93% 5)6!" # ; D = 1 1 = # % # + 93%A ; + 30

35 & + > C ) = = 59!"6 L"#"%?> 2 58<"B = C!&"3!"". 5!""./#"3&# #%- "("1%(( 5 2! 1 -!"# #"$"$%!"%%2! > - :44 +M&D! $$ =! >= 6"78 5#6 ; E E 5#,/#6 5!6@E E G 2 J+ 5#,/!6 5&6 +#3= 9:4;&6"<8 31

36 5#6 + N5#8/#6 A5#8/#$6 5!6 E E 5#8/#$6 + 5&6; N + ) Z 9#"A A Z E Z +Z ; 5#8/&$6 + ( 9#"A 5#8/&$6 32

37 :47I5DD!"# NI5DD">"1 I5DD!"# + 2 +#!= / I5DD$!"# ("+"!%+ A81H&>$!"# 8"% + D C ) D C5"( K D + 9#" 0 C#/#/!"#" #""""""@O 5;6;G= 9% 56OG= C5"("(( 0 C K 9#" 9#" E ) E 9#"= 1 9#" E 1 9#" E 33

38 8928=2"+ #"28"#%8""(5! 2! $ ) 0 C ;6=93" ;6= + 5I6= + 5I6 + 5;6= + 5;6= + 56=+ 5I6 89 5! 2 ("%!"$%) = 0 0 C + 5;6 + 56= 9." + 56= + 5I6= ;6=#""""""@O + 5I6= + 56= + 5;6= + 56 ) + 5I6= 89&>$!"# D1("5%%"!"$% K ) > / > 2 J+ K C 9%" 34

39 > = %4## + C C %4##+ I> $!"# ("+"!%C 2 J + 2 J +#8! 5 6 > C ] #"" ; ] #%" ] &" 1 ]#" 0 ]5 \; 67 0 ]5#""\#%"67&" 0 ]!!" 0 1!&" ;!&"=57#"6 $"<2&!A"%("+"!%O #! I5DD$!"# 55"% ? 35

40 : C 0 ; ) ; I5DD$!"# $"#%!"#"9"(A81"!"" "#"(25!"5"("%%=%2"D1D9D( 2 #"<%"A81"!"" + B / + + D D+= "("+ 3"$(!"%2"5! 2 (("2%%"A81" K ) "(""5""3%2"#"<%"A81"!"" %4##

41 -"$" (""!" ( 5 M 3"$!" + 3"(58) ( 5 <85 ( 3"$!" ("%%A"(""2"#"<5%("%A81"!"" &!!. L + + 8" 0? 2 D (+(+ I5DD$!"# #)"!"$%2"(3"(%) 2! ##= I5DD$!"# D> 2 #"<%"&2! + #"@ $"<""55""%(L<"#%$"#%!"$% + #"<%"9"(2D> 5!! E + "$3 -#"5"2%!"$%8#"I5DD">"1"=%5%!% #&= "+ #"@>! 5"%!#"2"$"5%!%C ((("+"!%+!$" #)(( $ ((O K E +!$" #)( ( $O E 37

42 !$" #)3#"5+ #"A 2 5 $<52 #)""9"(#&5! + "%"5%%"A 3#"5#&5!J "# 5"5%#&5!J E E E E - + E E 4 2 $"5% 3#"5%#&5!J E 2 E E - E E 7= #&5! J ; 38

43 "$3 3#"5"2%!"$%#8#"2"=%5%"&5DD(">"155""%%(L<"#%$"#%!"$%+ #"<%"9"(2D> E ; : E E E E E :4 #"+ I2! + ( 5#46+ 5!#6+ 5!#6 :7"D( = 5&6 = #$ 4/#/#8.#!#&2 = &" &# Q = N = = 5 6 ) N 5#6@ = 5!6@ = = Q R 1 2 += &" D 2 J+=#%. NQ@ C R &# )1 2 +=, NQ_ ; +A C!@ C & R 39

44 = Q R Q R F20; 1 2 +=Q R Q R ; Q R 5!./!61 2 A Z Z ; N "# ( )+ )+( D(# ;2 # + #" 2"! 5!$9+"$%5"$%#") ; F20; 9#% - + D 93%= 0 % + + ( " + + 9#% - D(# ;2 # + #" 2"! 5!$9""9%%=%#"8!"($%>%) 2 F20; 9#% - - F20; #% C 9#% - (= :- 59 " " &! - ; F20; #% C 9#% - F20; 9#% - 40

45 ,+, " + (,-%./-% 0-$!! -++ / >L ; F20; > -; F20; $> +2,;2!)& +""5"2" 2 2 ) D> 2 #"<%"9"( 5 +(3"5 1.3&""8!"#"!"#"/8!. + + D " - :? 1.3A ; D + A 9" - ; A $9;+E D+A 9" $;F1/ G44 D+A 9" $;&!) 4 4& 4 ;#H<< +, ) 4 4 A 41

46 !488 :?+ 6 N D+A 9" > D+A 9#" 0 19:,;9"22 "<$"!%2"( )! B! 1 2 +=%!,# +&"= 1.3= :!%31 2 1@= ;!%31 2 1@= 1.3= - "$"2D>! #/#/!"".$&#/#!/!"#% 1.3= 1 FDID;)).3 I "8 ; 4J 8=! 4: 48=!& 44: 8! & ) 6&&) 4! 4 8: 8 =! ; ) 0 K"L )! 6%$$< H;; ;1;;;J$" "$ #$"$8LL#$-)#4!;;&!) 4 4& 4 ;#H<< +, ) K $ ) P:H,4 N64$"#%% )$" 19:,9!"22 $2 # ""A">% (">"1+ "5"2"#"<%"9"(5 +(3"58""%""=%2"( (2 5 $<5 2!5 ""!D( 3) 1 ((+ (!"5""3%2" 2 O GMG+ G4!""%3%(""2"# "") 1F M AG0!""%3%("2"# ""!"# #"$"$%"")& ("! ( (%#! 5 #"5%%! 38"% GA8$"#"5%%! 38"% (85 3"$!"% 38"% + +"%( 42

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

49 4 4 4 ;;;);; 4 )4);; ) )4)!& ) 4 4! ) &! #8 NL( 6L8 4 6C & &8:!: 4 4 ) ; &: K"L )! 4 ) 4!&! 44 & : ; <H(;; -) #H(;;!! O8 : 4! 6& 6"8!) 4! &8 6"8! M4 &:! 4 4 ; K"L!! & 4 4 &:!4&4 ) 6"8! 4 & 4 H84!!!;;;& ;:NL(6N8:6"#86"H8 4! K"L )!!! <7( ""<( 4;4 ;<H(;;-) #H(;;!! L8 &4) ; ; : ) ; 4! 4: )! )! 6"8: 6#8: 6O8 6H8 &;;! E : +, ) 4 ;6"86H8! %8 6"8: 6#8: 6O8 6H8 4 4! &)&! ) 4! P N86"8:6#8:6O86H8&;;M4) ; 4 9 ) 44)& + &;;4 ;) C & ;4 P! ) P &;;! ): <H(;;! ) M4 &;; M4 4 4&! ) &! E : 6#8 6O8!): M4! 4 4&! ) &! 78+,) 64 &8 -)! : 45

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

51 48 O"Q"#Q#$$L &! 4& 4 4 &! &: "%8!) $"Q"Q#$$% &! ))O"Q"#Q#$$L&4 ) &;;) "N84 &4!:;; 44: 4)!!):K"L( "78 &;; ) 4: ) 4 ) "<8&;;O"Q"#Q#$"L&). "!D( 3) 1 ((+ (!"1A">%3">+ "%!E$"5%!(">"1"%2" F 8""(#)""$58<"B8"%%<5" ("#"$""@(! $""% ; #.!""8 ","#!""8 <1= 1.3%%!3+= - 9" D C ( ;= 3& Z Z ","3!"#" ;.""8+ "##"!"#" / 7-9" - C $: + 6 $:? + $ 47

52 4 ((%#! 5 + 2= $!"# <#"$"$%""1"%% 2 1%("%!"$%+ 2 55!"$%$D ) D> 2 #"<%"9"(5 +(3" =5#6 ;$ ; 5 6 ; && 4 +(3"5#"<!"("$8!8"" =5#6 4&,8 I!488 :? = $ 5 6 $ / ( > 1.3=5#6 ) 0 ( ) : ; 0 / 33 Ancak Geçici 67. madde kapsamında tevkifatın yapılmasını gerektiren haller bunlarla sınırlı olmadıını, anılan maddede %15 nispetindeki tevkifat uygulamasını gerektiren baka durumların da bulunduunu (örnein, komisyon iadeleri, mevduat faizi, ters-repo kazançları, vadeli ilem ve opsyionlardan elde edilen gelirler gibi) hatırlatmak isteriz. Söz konusu durumlar aaıda ayrıca ele alınmıtır. 48

53 I J 5`6"./"&/!"", (&""""""@O "4/"#/!"#" &%""""@O L ( 5`6 ( 5`6 = "./"&/!"", ( "3/"./!"", 5;6=&##%"""@O= 5`6 5&##%"""$&""""""]6 ##%"""@O 1.3= 5;6= ",/#"/!"", &!3%"""@O 5`6 $5&!3%"""$&##%"""]6#.""""@O 5`6 &4 F F 4"("!"9%("% C : C 1.3= + + 4> 9 + ; : sayılı Türk Ticaret Kanunu hükümlerine göre kurulmu olan anonim, limited ve sermayesi paylara bölünmü komandit irketler ile benzer nitelikteki yabancı kurumlar, Sermaye Piyasası Kurulunun düzenleme ve denetimine tabi fonlar ile bu fonlara benzer yabancı fonları, Türkiyede münhasıran menkul kıymet ve dier sermaye piyasası aracı getirileri ile deer artıı kazançları elde etmek ve bunlara balı hakları kullanmak amacıyla faaliyette bulunan sınırlı sorumlu ortaklıklar, ülke fonları, kurum ve kurulu fonları ve yatırım kuruluları gibi yabancı kurumsal yatırımcıların tümü. 49

54 ;$ : 4"("$"("!"9%("+!" Q- & 4R 44"@$ ""9%%( 55( ) 0 / : 47 >)L@D$5D! 2 5 +(3"5 : $ C ; : 9#"/ ; 9#"A - ) D + 5D D+A 50

55 4"("$A"(E ( 5""#"5%%!9%5"!"5"%%# ) 5 A"(" C + B 1 2 1@A a!##%@$ !%3: B@ 4: #"+ &2! : 1.3=!&=!.= 4 D> 2 5 +(3"5#"<%"9"(" 44 +(3"5"5"A) 44 2D>! = 5#6 C 51

56 $ @ = :? + / 56@ = 56 ( C / &% =5#6 = :? = 5#6 = 1.3= 5#6 44 2D>! $5$""% 1 1.3= 5# #"6 1.3=5#6 ( 5 6$ D+ 9%#= D + &. &%@ 1.35#6 Q R = Q R H H &. 9 %#A D $ 52

57 @ D+ &3 1.3= 586 "#/"#/!"". 0 D 1.3=5#"6 "#/"#/!"". 47 +(3"5!"5"@%%5 $<5 47%!E$"5%!! 2 5 +(3"5!"5"@% ;$ 478!$#8"2 ; D 47#%! ((%#! 5+ #"2= $!"# <#"$"$%""9%2"2 =(5"@ 2 "%!" #"<%2%(5"$8"A"%A(%$!%% 2 1%("%!"$% ; ; $ : "#/"#/!"". &#/#!/!""% &#/#!/!""% D ,"= 53

58 I 5;6 5S6;G=5+>K 6 5`6 ; 5;6 ;/: 5@O6 "&/"#/!"#" (; #"""" % %"""" "!/"!/!"#" (; %""" 4!"""" 0HH $$ "5%% : : 4: "8/"%/!"#" (;,""" 4% &.""" HH $$ 5@O6 :!!/"%/!"#" (;!"""" %% ##"""" 5;6= ",/"%/!"#" 5.""" b%]6&""""@o#!/"%/!"#" [54"""b%6\5%"""b46\5&"""b4%6]^%&%""@O D ",/"%/!"#" 5&."""$&""""]6."""@O#!/"%/!"#" 5`6 5;6= $."""@O.%""@O 9" 0 5`65;6=."""@O.%""@O 9#" $ ; I J 5;6=`; + $$ 2! 2 5 "(# -#"5 D ; #"" #""! D 02 $4"."! $." "! D ; #"" #"" & D : $#"" " 4 "5%%#"<%""2 5@$$ "%!!"# 5]."T!\4"T& ]!4"@O "5"@S"5% 2 N%"# 5 ]#""T47!4" ]#."@O 54

59 @ ( 2 J+ $ / 474! ((%#! 5+ #"2= $!"# <#"$"$%""9%%"%!%2"&9 2 1%("%!"$% I J 56 5@6 5`6 ;G= #""""" ",/"%/!"#" 4@O 56 "8/"%/!"#" #""""" ##/"%/!"#" #%"""" 5@6 54"""""@O7&,""""@O]6!""""@O ; $ 477 "$ 58#"+ #"+">$%>C""(2 (%#! 5 2 % 2 C""( (("5 %"9"(5" 2 D 2 +#"= 2 J + 2 J+!84= 1.3= 1.3= 55

60 47!"# $ 5 "%5"@+ A 2 : G + ( I J5: ; 6 5;6#"/"!/!"#" 5S6;G=!""" #%"""@O 5S6 ;G #%/"./!"#" 9%" 5;6= #""" 5;6= #%"""@O= 5#%"""N&"""]6%@O :!""" "%/##/!"#" 5#."""$#""""]6."""@O I J5: ; 6 5`65S6;G= #""""./"!/!"#" 4"""@O 5S6;G"&/"3/!"#" 9%" #@O 5`6 %""@O %"" 5`6= C 4"""\%""]4%""@O 4%""/#%""]&@O 5`6=,"""#/##/!"#" %"""@O= 5%"""$!4""]6!.""@O 56

61 47: 5A 2 : 5 6 +]5 \ < : $ 6T ; \ K + - I J 5`6 5S6;G= #""" "./"!/!"#" #""""@O 5S6;G"#/"3/!"#" 9%" <#@O 5`6= c[5#""""\%""6/5#"""\%""6^$#dt9%"]&@o 5#"$&]63@O= + / +]5c[#"\5#T9%"6^/5#\"%6d$#6T9%"]&@O 47,<85"@+ 2 "%A 2 + 5@ L]:$D6 :D+ D+ I J5@/$ 6 ( "./#!/!""3 #"""""@O&. 9 3%) N + 5 "@+J <8I2! H"&"@ <8I2! $ G +(3"5"5"@% G #+ "./"./!"", 3%"" $!+ "%/#!/!"", 3%"" $ &+ "4/"./!""8 3%"" &4!"&& 4+ "&/#!/!""8 3%"" 3%"" 57

62 +: #"/"!/!"#" $$$$$$ &"38.3 %+ "&/"./!"#" 3%"" 3%"".+\; "!/#!/!"#" 3%""\#""""",% %""\#" ;6 5`6 #&/"&/!""8 6 : N"%/#!/!"", 2 N#&/"&/!""8 0 N"4/"./!""8 + N#,# 1 N8, 5#&/"&/!""8$"%/#!/!"",6 +L N3%"" DL N4"."33 58,/#,#6T3%"" + L N8,8&8!& 5#"&"""74"."336 D+5&+60@ ]+$DL ]3%""74"."33 ]&4&8!&@O 4% 3%""@O : : ]+\5; 7;@L6 ]3%""\5#"""""$8,8&8!&6 ]3%""\#"."33 ],%."33 5;6= #"/"!/!"#" 5`6 ]:L7;@L ]#"!"""$8,8&8!& ]&"."33@O 470"@+"%A 2 53"A 2 +!3">55"%%D> 2 8!"$% + 56 I (J 5@ /$ 6 ( "./#!/!""3 #"""""@O&. 9 3%) N + 5 "@+J <8I2! H"&"@ <8I2! $ G +(3"5 "5"@% G #+ "./"./!"", 3%"" $!+ "%/#!/!"", 3%"" $ &+ "4/"./!""8 3%""!84"!% 4+ "&/#!/!""8 3%"" 3"#88! +: #"/"!/!"#" $$$$$$ #"&8,& %+ "&/"./!"#" 3%"" 3"#88!.+\; "!/#!/!"#" 3%""\#""""" 3"#88! 58

63 5;6 5`6 #&/"&/!""8 6 : N"%/#!/!"", 2 N#&/"&/!""8 0 N"4/"./!""8 + N#,# 1N8,5#&/"&/!""8$"%/#!/!"",6 +LN3%"" DLN4#"!!#58,/#,#6T3%"" + B N#,83385#"#,83387#"""""6 ++N4 +N43%4%5#,8338/46 D + 5& +6 0 ]+ 075D L\ + L 06 ]3%""754#"!!#\43%4%6 ]!8!&&4@O : +0 ]+07+L0 ]3%""743%4% ]3"!%%%@O 5;6= #"/"!/!"#" ] : L 7 5;@ L$ 0 6 ]#"!"""7[#"#, %4%T!6^ ]#"%###@O 476&+> M"5%"+ #"A"("A2 = 2 ($! ((%#! 5+ #"2= $!"# <#"$"$%""1"% O 47"A"9% 2! ((%#! 5 + #"2= $!"# <#"$"$% ""1"% + 59

64 I J 5;65`6 ",/"!/!"#" &. )"!/"%/!"#" #"""""e 5;6 )#%/"./!"#" 5`6 #"#"""e= ) $ #&%@O 5`6 5;6= $ 5#"""eb #4%]6#4%"@O &, F F 47"2!+ 8<$#8$&>! 1.3= 5#46 C / C "#"#!"".7!!"3!"". F C!&"3!"". &8 F F ; 5 C :!%3: B=1 2 + ##"!"#"!3/"8/!"#"!"#"/8! :? A + :? A 60

65 5@ = = 1.3= N "5%%!9%< #"$"DD "2! >)"@D$5D + 9#" 9#" 9" + 5> LK ( 6 : G 4# ) > L K 9" 9#" 9" 4! 9" ) 1 + 9#" 9" 4& ) + 5 / @ / / @ / / 6 9#" 9" 9#" 9" 5) 6 40 "##"!"#" 9" + :? A 42 "##"!"#" 9" 43 "##"!"#" 9" 61

66 : G 44 9" 9" ) + 9#" 9"T ) + 5 / 6 : G 4% 9" ) + 9#" 9" 4. ) + 5 / 6 9#" : G 43 9" ) + 9#" 9" 4, 2 I J 5;6="3/"./!"#" 5`6& H J:) N : N#""""""J:) 2 N&; D N#.4"" L H N#.%"" 2 N#.!"" 5;6#.%""= #""""""J:) #.%""""@O 2 H 5;6 + :? A + :? A 46 "##"!"#" 9" + :? A 48 "##"!"#" 9" 62

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

68 I J 5)6#%/"#/!"#" C5`>6#"""""""J:) #& ODK< 5S69% #& H :@ N#"""""""J:) : N#%/"#/!"#" :L N9% )L NJ:)ODK< L ODK<N #%/"4/!"#" 9%%" #%/"3/!"#" 943% #%/#"/!"#" 9%!% #%/"#/!"## 9."" L 5)6=- 5)6#%/"4/!"#" ; 5S65`>6#&3%""J:) O - -"> =! "@ C D5 2 %"-"> G GU "("$%" I2 -">G -"( G 58<"B "5"@% G #%/"4/!"#" %%" #!%""" #&3%"" #!%"" #!%"" #%/"3/!"#" 43% #!%""" ##,3%" 5.!%"6 " #%/#"/!"#" %!% #!%""" #&#!%".!%" " #%/"#/!"##."" #!%""" #%""""!%"""!%""" #%/" 3/!" #" 5)6.!% " J:) #%/#"/!"#" 5)6H.!%"J:) ; #%/"#/!"## 5)6=H- 0 64

69 #" 1.3=5365##6 1.3= 5365##6 R365#65!65&6546 E ) : Z Z 84 E E G 5!6 5&6 E ##6) 9 #% G:H,4 $"#%% A 8" F 8""( #)"% DDD(O 4,: ( G a 1.3= 1.3= 3= ) 1 ( ( 9 ##= 1.3= 3= : 1.3= ;$ 2 $ D!&/"3/!"". 9#"P ; #4##!"", 9" 65

70 $ / a> 2 a D ) D2 ) 2 ) A a12+1.3/##=1 D D>1 2 a != C !"! 2 5"@+!"# 5A2! B "#/"#/!"". "#/"#/!"". 47 ((%#! 5+ #"2= $!"# <#"$"$%""9%%3>( AA"("+ #"""9% (!"5 $! 2! $

71 ; ) 47 ((%#! 5+ #"2= $!"# <#"$"$%""9%%53"$%@"2 5 +(3"5!"5"@% ; 474&!$ ) (3"5!"5"@% 477I2D1! 2 5 +(3"5!"5"@% 0 1.3= = 472 3">"A"("+ #"""9%(!"1"%%!"$% 67

72 47:2 $"<("%!"$%+!D5 $"<" ; 1.3= 4 +(3"58"% 1.3= #=!3"8!"#"!"#"/8!. + + ##"!"#" 48 9" 9#" ; D+ 9" : + + %" 9" 9#" 4: +(3"52&! 1.3= $ : CK$G$ DCB$$( MC@$;$ ) C $+$; 4, #"+ &2!!&=!.= : + :? A + :? A 68

73 40"# "("%=%"#"<%"9"(A2! ; N 5 6 Q+) :?; D; R Q + ) :?; L@ /; ( > R 5 6 ; $ 7 )$",;9!"22 $G!""%A 22 #">%%! ($!"# "5"%D> 2 #"<%"9"(5 +(3"5 1.3= 5#6 D 5!6 : %= 5%6 9#" %= 5% %= 69

74 D = + 2 +&"= I J 5;6 "#/"&/!""3 5S6 ;G= : "&/"&/!"#" 5;6=5#"""""@O73""""@O]6&""""@O 5S6;G 9#" "("+ ""9%(!"9"5 +(3"5$%>8""($"5%"%"! ((%#! 5 2 #"<%"9"(5 +(3"5 1.3= 5#6 1.3= 5&6 9#" : 1.3= ; :? + 5 6( ; 1.3= 5#6 5&6 I J 5;6"#/"&/!""3 5>6;G=%%"""@O : "!/"&/!"#" 5;6 "&/##/!""3 5`6.&"""@O= 5`6 5;6= ;= $5.&"""@O$%%"""@O]6,"""@O 9#" : +2"53"> + <8) D> 2 #"<%"9"(5 +(3"5 1.3= %= 536 5#!6 ) 9#% C - L 5 70

75 !488:?+ 653%/36 - L 53%/#! %=!= 5%6 5 ) 9#% ) > ,= ##8=!.= = + 2 +!4= 0!488 :? + S ;!488:?+ ;, 19:,;9"22 "<$"!%2" +(3"5""A5" #"%, 1 ((,9"3""# 5("<$"!%2" 2 2! # 1.3= 1.3= ) 1 :? + $,9"3""# 5("<$"!%2"

76 I J 5;6 D "!/"&/!""8 5S6;G= #"""""@O : "#/"&/!"#" 5;6"&/##/!"#" 5`6 5`65;6@ D 5;6@ D #%""@O!"#" ;,!" + ; A = - ) = E ) 0"5%%!38+ 85"(%("%%+ ) 2! $ 0D(# ;# # (8"#"5%%!38+ 85"(%("%%+ ) 2! $J = 5,6 :? +!""./#"3&# "= Q R =!""./#"3&# + + F E = > LK = Q"R %%!3 +!""./#"3&# > L > 72

77 K -!"#"/8! %# 9" 9#"6 MKB/Dier Piyasalar Tevikfat Sorumlusu (2) Elde edilen Gelir üzerinden Tevkifat Sorumlusu Stopaj Keser (2) %0 Stopaj Gelir üzerinden (Pein Ödenen) (1) (1) Portföy Yöneticisi lem Gerçekletirir (4) Yatırımcının YFKB yi fona iadesinden elde ettii gelir üzerinden yatırımcı türüne göre %10 veya %0 stopaj hesaplanacaktır. Yatırım Fonu (4) Portföy Yöneticisi %0 veya %10 Stopaj Yatırımcının Geliri üzerinden (3) (3) Kurum Kazancı (Portföy lemecilii) Kazancı Kurumlar Vergisinden istisna edilecektir. stisna edilen Kurum Kazancı (Portföy lemecilii) üzerinden Yatırım Fonu kendisi %0 oranında tevkifat hesaplayacaktır. %0 Stopaj Kurum Kazancı (Portföy lemecilii) üzerinden 0"!D( 3# 5 5"A#"5%%!38"%%+ ) 2! $ 0853&#(">"1"%D> 2 5 +(3"5 %!,# = :? + "#/"#/!"". ;&#/#!/!""% :?+ &#/#!/!""% &#/#!/!""% &#/#!/!""% 1.3= &#/#!/!""% + :? A 73

78 &#/#!/!""% 1.3= &#/#!/!""% ) &#/#!/!""% = 9"9#" 1 "#/"#/!"". "#/"#/!"". ;&#/#!/!""% ( 02 1%("!"+ 53"(">"1"%D> 2 5 +(3"5 ) "#/"#/!"". "#/"#/!"". $ = 5#&6 $ 5#6546 &#/#!/!""% 1.3= 0 &#/#!/!""% L "#/"#/!"". ; &#/#!/!""% "#/"#/!"". 6 HH: 5"@2 2 5"@+ + A88"2" 2 2 ) + ) 2! $ ) 1.3= 586 "#/"#/!"". + D 0 D 1.3= ) 1.3=!""

79 &#/#!/!""% "#/"#/!"". + D 0 D : J ) "#/"#/!"". "#/"#/!"". ( 1.3= I J 5;6"3/"3/!""4 )#"/"#/!""% "!/"./!"#" "%/"3/!"#" : "#/"#/!"". 5;6= $ 1 2 +&#/#!/!""% ) 1.3= I J 5;6#&/"3/!""% )"%/"#/!""8 "!/"./!"#" 5`6 : "#/"#/!"". 5;6= $ 1 2 +&#/#!/!""% 1.3= HH:5"@2 &9 (5$"< 2!8"! ((%#! 5+ #"2= $!"# <#"$"$%""1"%% 2 1%("%!"$%2"+ #" 2 55!"$D ) 1.3= 5#"6 "#/"#/!"". &#/#!/!""% "#/"#/!"". I J 5;65`6;G=!./#!/!""%!""""@O=#3/"!/!"#"!%"""@O= %"""@O 5;6 "#/"#/!"". 5>6;G= #8/"./!"#" %"""@O 5;6 5`6;G= "#/"#/!"". 1.3=!"#" &#/#!/!""% 1.3= 75

80 (!( ) $ )! #&! ""!""%%#)"!"$% -)@ 1.3= F 2 0 ; ) / = = I ; "3/##/!""& 4,!44 1 > Q> D 2 + L R Q> D 2 R D2 ) 2 ) = ) ) 1 + MF2 = ; F2 0; ; F 2 0 ; F2 0; 5H 6 0!%3: B=1 2 1@ 9" F 2 0; 76

81 ; ;.""8 + ##"!"#"= #" 5:- D + 9" 6 ) + ) F2 0; ; ) = 52 ) 6 : D 2 +B + F2 0 ; ") ) ( 1 ( #2 +B! D> #2 +B! "2" /"!"2" 9 ( G(!( A ) $ 1 ) 1 8" #! $D 1 ( ( D> & 77