Articles 281 and 285 of the Tax Procedure Law allow taxpayers keeping books on the balance sheet basis to discount their note-based receivables and payables to their value at the valuation date (rediscount). The calculation usually uses the Central Bank rediscount rate and the internal discount method.
Source: Tax Procedure Law No. 213 Art. 281, 285
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Foreign currency revaluation (tax)Revaluing foreign-currency assets and liabilities at period end by translating them into Turkish lira at the rates specified in tax legislation.Current account interest calculationThe product of the amount of current account movements and the number of days elapsed, used to calculate interest on a current account.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.