2026/2
Tax Regulations Introduced by Law No. 7577
| Circular Type | English Tax Circular |
|---|---|
| Number | 2026/2 |
| Date | 01.05.2026 |
| Subject | Tax Regulations Introduced by Law No. 7577 |
This circular presents the key tax-related changes introduced by Law No. 7577 and their potential effects on taxpayers, finance departments and corporate decision-making.
1. Executive Summary
This circular presents the key tax-related changes introduced by Law No. 7577 and their potential effects on taxpayers, finance departments and corporate decision-making.
2. Legal Background
The legal framework should be reviewed together with the relevant law, communiqué, presidential decree, secondary legislation, Revenue Administration guidance and official implementation announcements. The effective date, transitional provisions and the scope of taxpayers covered by the regulation must be analysed separately.
3. Taxpayers Potentially Affected
The regulation may affect resident companies, permanent establishments, multinational enterprise groups, financial institutions, holding companies, service companies, manufacturers, exporters, importers and other entities depending on their tax status, transaction profile and reporting obligations.
4. Corporate Tax Impact
Companies should assess whether the regulation changes taxable income, exemptions, deductions, carry-forward losses, withholding taxes, minimum tax computations, tax credits, advance tax calculations or annual corporate income tax return disclosures.
5. Accounting and Financial Reporting
Accounting teams should determine whether the change requires new ledger accounts, reclassification entries, deferred tax calculations, provision updates, reconciliation procedures or additional disclosures in statutory and management reporting.
6. Filing and Payment Calendar
All filing, notification, certification and payment dates should be entered into the internal tax calendar. Where an extension applies, companies should also document the original deadline, the revised deadline and the internal approval date.
7. Documentation Requirements
Tax positions should be supported by agreements, invoices, board resolutions, calculations, working papers, legal opinions, tax returns, electronic filing receipts and other relevant records.
8. Internal Control Considerations
A written control framework should assign responsibilities to tax, finance, accounting, legal, treasury, human resources and information technology teams where applicable.
9. Risk Assessment
Potential risks include late filing, underpayment, incorrect classification, insufficient documentation, inconsistent disclosures, tax inspection exposure, penalties and late payment interest.
10. Recommended Action Plan
Companies should identify affected transactions, appoint responsible teams, update internal procedures, complete technical calculations, obtain management approval and retain a complete audit trail.
11. Transition to the New Rules
Transactions spanning the effective date should be separated between the former and new rules. Open contracts, accrued income, advance payments and pending filings may require transitional treatment.
12. Systems and Process Updates
ERP tax codes, accounting mappings, e-filing settings, reporting templates and internal checklists should be updated where necessary.
13. Management Reporting
The estimated cash tax, effective tax rate and compliance cost impact should be reported to management.
14. Contractual Review
Tax clauses, gross-up provisions, price adjustment clauses and liability allocation provisions in material contracts should be reviewed.
15. Tax Audit Readiness
A contemporaneous file should be maintained explaining the legal basis, assumptions, calculations, approvals and final reporting treatment.
16. Ongoing Monitoring
Subsequent communiqués, Revenue Administration announcements, FAQs and system updates should be monitored until implementation is settled.
Frequently Asked Questions
What is English Tax Circular 2026/2 about?
Tax Regulations Introduced by Law No. 7577
Who should review this circular?
Finance directors, tax managers, accounting teams, legal teams, certified public accountants, auditors and executives responsible for tax governance should review it.
Is this page an official legal opinion?
No. It is a general information page and does not replace the official legal text or professional tax advice.
What should companies do before implementation?
Companies should verify the final official text, identify affected transactions, document calculations, update internal controls and obtain professional advice where needed.
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