International Tax Bulletin: 24.08.2021/16
With the Tax Procedure Law No. 529 General Communiqué, corporate taxpayers and other persons and institutions specified in the Communiqué are obliged to report the Ultimate Beneficial Ownership (UBO) information to the Revenue Administration.
Accordingly, following persons will be considered as the Ultimate Beneficial Owners of legal entities and will be subject to notification:
- Real person shareholders who own more than twenty-five percent of the legal entity,
- If it is suspected that the real person shareholder holding more than twenty-five percent of the legal entity is not the UBO or there is no real person shareholder holding such a share, the real person or persons who ultimately control the legal entity,
- In cases where the UBO cannot be determined as above, the real person or persons with the highest executive authority
In addition, following persons will be considered as the UBOs of other organizations such as unincorporated business partnerships and will be subject to notification:
- The real person or persons who ultimately control the unincorporated entities,
- If the UBO cannot be identified in this way, the real person or persons with the highest level of executive power in the unincorporated entity.
It is envisaged that those who have the title of founders, trustees, managers, auditors or beneficiaries or those who have influence over these organizations are to be accepted as the UBOs in Trust and similar entities.
All taxpayers and other persons, including corporate taxpayers who are obliged to report, are required to notify the UBO information to the Revenue Administration in electronic form, by the end of 31.08.2021, with the Form specified to be published in the Communiqué.
The aforementioned Notification Form can be reached in the 'Other Notification and Information Entries' menu in the Internet Tax Office.