286 NEWSLETTER 2021 Principles of Revaluation The law allows for revaluation of immovable property and other depreciable assets. However, participation shares/share certificates are not within the scope of the revaluation regulation. Royalties, goodwill, research and development expenses, and leasehold improvements amount may be also subject to revaluation.1 On the other hand, immovable properties and assets that are subject to sell-rent-buyback transactions, or to the issuance of a lease certificate, are not included within the scope of the revaluation regulation. However, immovables abroad may be revaluated. Resident income and corporate taxpayers keeping their legal books on a balance sheet basis may revalue their immovables on their assets and depreciable other economical assets. However, the belowmentioned taxpayers cannot benefit from the revaluation provisions: • Non-residents (limited taxpayers), • Those who keep their accounts using the simplified method, • Banks and financial institutions, • Insurance and reinsurance companies, • Pension companies and private pension funds, • Those exclusively engaged in the manufacture, purchase and sale of gold and silver, • Those who have been permitted to keep their legal books in foreign currency. Relevant taxpayers may revalue their immovables on their assets and depreciable other economical assets as of 9 June 2021 until 31 December 2021. During revaluation, immovables and depreciable other 1 Sağlam, Erdoğan: “Taşınmaz ve amortismana tabi diğer iktisadi kıymetleri 2021 sonuna kadar yeniden değerleme imkânı”, https://t24.com.tr/yazarlar/erdogansaglam/tasinmaz-ve-amortismana-tabi-diger-iktisadi-kiymetleri-2021-sonunakadar-yeniden-degerleme-imkani,31455 (Access date: 22.06.2021).
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