İstanbul Gelisim Vocational School - myo@gelisim.edu.tr
Human Resources Management
10 December 2021 Friday
Tax on Asset Sale
Companies can sell their assets, buildings, machinery or vehicles. However, they are obliged to pay corporate tax on their income from sales. Such taxes can be deferred for 3 years from the year following the year of sale. In other words, in case of termination, transfer or liquidation of the business before the end of the third calendar year following the year of the sale, the profit kept in a temporary account in liabilities can be added to the profit and loss account of that year. If an asset of a similar nature is purchased within these three years, their income can be deducted from the depreciation of the new asset. Half of the income from real estate sales can be exempted from tax.
