300 NEWSLETTER 2021 Stamp tax during the transfer of loan agreements subject to demerger/partial spin-off In sub-paragraph 17 of section titled “IV-Papers Related to Commercial and Civil Operations” of Table 2 attached to the Law No.488, it is stated that papers prepared due to partial spin-off transactions fulfilled in accordance with the Corporate Tax Law (“CPL”) No.5520 are exempted from stamp tax. In the ruling of İstanbul Tax Office, dated 07/05/2019 and numbered 3804842[3],the stamp tax on the loan agreements that will be transferred to the transferee company as a result of partial spin-off are evaluated. As per the view of the Tax Office, loan agreements can be exempted from the stamp tax limited to loan debt amount corresponding to the partial spin-off, in accordance with the paragraph IV/17 of the Table 2 attached to the Law No.488. Stamp tax exemption regarding free trade zones Paragraph 2 (c) of Provisional Article 3 of Free Zone Law No. 3218 requires that transactions fulfilled and papers prepared in relation to the activities carried out in these regions are exempt from stamp duty and fees until the end of the taxation period of the year, including the date of full membership to the European Union. In this context, in the ruling of the Kayseri Tax Office, dated 23.12.2020 and numbered 117583[4]the stamp tax exemption and fee application on the Articles of Association of an unlimited liability company that would be established in a free trade zone was evaluated. Interpreting the law narrowly, the Tax Office held that the Article of Association could not be exempted from stamp tax since the AoA was unrelated with the free zone activities. 2 https://www.gib.gov.tr/node/139077/pdf. 3 https://www.gib.gov.tr/node/152699/pdf.
RkJQdWJsaXNoZXIy MjUzNjE=