Default interest is governed by Article 112 of the Tax Procedure Law and calculated at the late payment surcharge rate. It is added to the tax in cases of supplementary or ex officio assessment.
Source: Tax Procedure Law No. 213 Art. 112
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Late payment surchargeA surcharge applied for each month from the due date when a public receivable is not paid on time.Tax inspectionThe tax administration investigating and establishing the accuracy of taxes payable through the taxpayer's books, records and documents.Advance taxTax paid in advance during the year by income and corporate taxpayers, in quarterly periods, on current-period earnings.Arm's length principleThe principle that transactions between related persons should be carried out at the prices and on the terms that would apply between independent parties with no such relationship.Capital gainGains of individuals from disposing of certain assets and rights that are subject to income tax.Certified public accountant (SMMM)A professional authorised to keep taxpayers' books, prepare their financial statements and advise on accounting and tax matters.
Last updated: October 22, 2026 · This definition is for general information only.