Tax Consultancy

What is Tax?

Taxes collected from individuals and legal entities for use in government spending are determined and systematized with detailed laws prepared in every country in the world. Governments have the right to define taxes in almost every area, from non-essential consumer goods to income businesses earn. Over time, governments may create new tax items or eliminate some that are no longer functional, depending on the day’s conditions. The tax system is a very dynamic structure, and many variables related to each other affect the determination of the amount to be paid. Continuous monitoring of changing regulations and responsible for new tax items, tax exemptions, tax refunds, or payment differences arising from varying percentages is crucial for businesses to avoid legal problems and discover new ways to reduce their tax expenses.

There is a certain percentage of implementation for each type of tax. For example, the Motor Vehicle Tax (MVT) percentage differs from Income Tax. Moreover, the rate for each tax can vary depending on market conditions or public needs and is subject to decisions taken at certain time intervals.

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There are specific tax categories that every citizen and business is obligated to pay. The government can collect these payments through various methods. For example, for taxes such as Value Added Tax (VAT) included in the price of a product or service, there is no need to take any action to pay them, but for some taxes, payment must be made physically through channels approved by the government. In addition, there are criminal sanctions for all intentional or unintentional actions, such as failure to pay taxes, incorrect payment, or attempting to bend the laws to avoid paying taxes. In some cases, even simple mistakes can result in imprisonment.

The tax system is very dynamic, and many variables affect the determination of the amount to be paid. Constantly changing regulations, new tax categories for which one is responsible, tax exemptions, tax refunds, or payment differences resulting from changing percentages are all crucial for businesses to continuously monitor to avoid legal problems and discover new ways to reduce tax expenses.

Local businesses are involved in various countries’ tax systems when they partner with foreign firms. Unfortunately, keeping track of and paying these taxes is often impossible with local financial advisors familiar with the regulations.

At SUN&SUN, we are happy to share our vast knowledge of local and international tax practices with you, based on over 20 years of experience in tax consultancy. Moreover, with our international accounting and tax consultancy services, we are here for you even when you are away from your home country when opening branches and franchises abroad.

In addition, you can also seek help from our consultants regarding taxes levied on individual wealth or business, which are subject to frequent changes, and avoid possible tax penalties.

Contact our tax consultants now to stay informed about the government’s investment incentives every year so that you can quickly reduce your costs, learn about tax exemptions and incentives, and take the necessary steps!

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