Newsletter-21

388 NEWSLETTER 2016 accordance with TPC Art. 353 and Art. 355 bis are prescribed 5 years following the first day of the year preceding the year in which the non- compliance occurs, non-compliance penalties are prescribed 2 years following the first day of the year in which the non-compliance is committed. Within these periods, the prescription shall cease once the penalty notification is delivered. Deletion (Cancelation) In our tax system, a procedure of deletion also exists for tax claims, default interest and penalties. According to TPCArt. 115, because of fire, earthquake, landslide, flood, drought, frost, harmful animals, vermin infestation and similar disasters: (1) the tax debts and penalties of the taxpayers who lost at least one-third of their assets due to these disasters: (2) the Land Tax debts and tax penalties of the taxpayers who lost at least one-third of their agricultural products accrued for the year corresponding to the harvest affected by such disaster may be partially or completely elimi- nated. These decisions shall be made by the Ministry of Economics and the authority for deletion may transferred to the local authorities. Furthermore, Art.105 of Law numbered 6183 is a provision that is parallel to the regulation of TPC Art.115 for tax receivables in the execution phase. In order to benefit from this provision, the relevant public authorities shall be applied within six months from the date of the disaster. Waiver of Accrual or Execution Under TPC Art. 115 bis and the Law on the Procedure of the Collection of Public Receivables numbered 6183 Art. 106, waiver of accrual or execution is stipulated from the circumstances where there is no possibility for collection, or the material threshold is below the legal limits, or the expenses for the collection or execution costs exceed the receivables. The material threshold is regulated under the TPC is TRL 24 as of 01.01.2016.