- Turkish Constitutional Court approved Türkiye İş Bankası's (İşbank) appeal on tax conflict with the tax authority and decided that the amount of tax, penalties and default interest which was paid by the Bank should be paid back to the Bank as for compensation with its legal interest.
"An inspection has been made by the inspectors of Tax Inspection Board to Türkiye İş Bankası A.Ş. Mensupları Munzam Sosyal Güvenlik ve Yardımlaşma Sandığı Vakfı (İşbank Supplementary Pension Fund), which was founded as per the provisions of the Turkish Commercial and Civil Codes, regarding the payments that fulfill İşbank's liabilities within the framework of the Articles of Foundation of the Pension Fund and the relevant legislation" İşbank said in its announcement to the Public Disclosure Platform.
"As a result of this investigation, tax audit reports were prepared for the years 2007, 2008, 2009, 2010, 2011 claiming that the aforementioned liabilities should be taxed in terms of wage base, thus, they should be subject to withholding tax and stamp duty and it was announced that the Bank would use its legal rights against the related tax assessments."
İş Bank said, as considering one of its applications, the Constitutional Court made its decision amounting to 39,378.20 lira, that there were no predictability in legal conformity for taxing the Bank's contributions to the Pension Fund in terms of wage base and for the reason it had been accepted that property right of the Bank had been violated according to the 35th article of Constitution.
"Finally the Court decided that the amount of tax, penalties and default interest which was paid by the Bank should be paid back to the Bank as for compensation with its legal interest" İşbank said.
According to the decision of the Constitutional Court, it is expected that the cases related to the periods 2007, 2008, 2009, 2010 and 2011 would conclude in favor of the Bank, İşbank said and added:
"In this context, the provisions amounting to TL 207,402 thousand which had been allocated for the mentioned periods, could be reversed. The path to be followed for other provisions, allocated for the same reason within the scope of accounting standards for the year 2012 and subsequent periods, will be determined depending on the process."
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