File your Beneficial Ownership Report, which is legally required for all Turkish companies. The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 by the Ministers of member countries. Its mandate is to set standards and promote the effective implementation of legislative, regulatory and operational measures to combat money laundering, terrorist financing, financing the proliferation of weapons of mass destruction and other threats to the integrity of the international financial system. The FATF also seeks to identify vulnerabilities at the national level in order to prevent abuse of the international financial system in cooperation with other international stakeholders.
The concept of Real Beneficiary is also an important issue emphasized in the Regulation on Measures to Prevent Laundering Proceeds of Crime and Financing of Terrorism published in the Official Gazette on 9/1/2008. Article 3 of the Regulation Real beneficiary: It is defined as the natural person or persons who ultimately control or have ultimate influence over the natural person, legal person or unincorporated entities on whose behalf the transactions are carried out before the obligor. Other articles of the Regulation also contain the necessary legislative arrangements for the recognition and monitoring of the real beneficiary in detail.
Who is the real beneficiary?
In legal entities;
a. Real person partners of the legal entity holding shares exceeding twenty-five percent,
b. If it is suspected that the natural person partner holding more than twenty-five percent of the shares of the legal entity is not the real beneficiary, or if there is no natural person partner holding this percentage of shares, the natural person or persons who ultimately control the legal entity,
c. In cases where the actual beneficiary cannot be identified under subparagraphs (a) and (b), the natural person or persons with the highest executive authority (e.g. CEO, CFO) shall be considered as the actual beneficiary and subject to notification.
In entities such as joint ventures without legal personality:
a. The natural person or persons who ultimately control the unincorporated entities,
b. In the event that the real beneficiary cannot be identified within the scope of subparagraph (a),
the real person or persons with the highest level of executive authority in the entity without legal
personality shall be accepted as the real beneficiary in the capacity of senior manager and shall be subject to notification.
About the notification times:
Corporate taxpayers who are obliged to submit a notification must submit the real beneficiary information in the attachment of their provisional tax returns and annual corporate tax returns.
Taxpayers other than corporate taxpayers and other persons are obliged to notify the real beneficiary information to the Revenue Administration electronically with a form until the end of August of each year.
In the event that the persons mentioned in the first and second paragraphs establish a new taxpayer or there is a change in the information they previously attached to the notification, they are required to notify the new taxpayer establishment or information change within one month following the date of their realization.
