Rents to bank

[Reyntj]

https://www.gundemkibris.com/son-dakika ... -yapilacak


Already enforced in turkey and now from 1 jan kibris.


No more steptoe collections...

[13roman58]

https://www.gundemkibris.com/son-dakika ... -yapilacak


Already enforced in turkey and now from 1 jan kibris.


No more steptoe collections...

Long overdue but how is it practical ,not enough explained detail.

[snd1966]

It's a good idea for the economy, I haven't read the article yet but with holiday lets paid in the country of origin how practical is it?
Salaries are also supposed to be paid via banks soon too, a great way of tracking workers money as they will just be using their cards to pay for everything and their rent by transfer.
Cash is king will soon be an obsolete saying

[Reyntj]

They dont have enough to pay the increased salaries so it would not surprise me if taxes went up.

In turkey rental tax is taxed inline with income tax which is progressive and starts at 15%...then 20% etc

[Nc2016]

They don’t have enough money to do anything.
Oh...except build a presidential palace.

It’s high time Turkey and the EU sent in the auditors.

[Reyntj]

Apparently the money used to build the palace was enough to solve the electric problems permanently..

Delusions of grandeur....

[Nc2016]

Apparently the money used to build the palace was enough to solve the electric problems permanently..

Delusions of grandeur....

Delusions of grandeur and then some!

[gates]

Can it be paid into UK ACCOUNT or does it have to be paid into local bank accounts anyone know

[snd1966]

Can it be paid into UK ACCOUNT or does it have to be paid into local bank accounts anyone know

When we pay the tax on the December rent , this is one of my questions too. Holiday lets are generally paid to the owner in their own country and they transfer the rental tax to me to declare.
Also what details and paperwork will they be asking for?
No point me turning up in February without it.

[Reyntj]

I went on friday to pay..

Closed on strike due to the low salary....

So they need taxes to pay for the increased salary which has gone up 130% in foreign currency terms over 3 years but cant collect that money because they are striking because they want more.

Erdogan needs to step in here...its what happens when politicians pander to populist electorate whims without comtemplating the economic ramifications.

[Reyntj]

https://www.mondaq.com/turkey/income-ta ... bli%C4%9Fi

I havent seen what the penalties are .heres the legislation for turkey. There the tenant gets fined a minimum of 10000 tl per transacrion that gets paid in cash.

They could do with bringing in the sane rules for hotels who pay the minimum wage and cash on top...

[waddo]

Question, as this whole thing confuses me! I rent and pay my rent monthly in cash, I used to pay by direct debit from a UK bank to a UK bank but both the landlord and myself no longer have UK banks. Do I now have to pay my rent into his local account from my local account or can I continue to pay him in cash?

[gates]

How do we get on as my tenant paid 6 months as normal and I have paid 6 months tax what do I do now. This is crazy how can they just change the rules over a week.

[snd1966]

How do we get on as my tenant paid 6 months as normal and I have paid 6 months tax what do I do now. This is crazy how can they just change the rules over a week.

I believe it went to to the Gazette in October but unfortunately no clear instructions what is required apart from rent must be paid into the owner's choice of bank

[kerry 6138]

Question, as this whole thing confuses me! I rent and pay my rent monthly in cash, I used to pay by direct debit from a UK bank to a UK bank but both the landlord and myself no longer have UK banks. Do I now have to pay my rent into his local account from my local account or can I continue to pay him in cash?

Has far has I understand you can continue in cash but the landlord would face a penalty, how much who knows, but they want a bank statement has evidence of payment so I assume local bank payment is ok.

[snd1966]

I am assuming the tenant can take cash to the landlord's bank or transfer it from their bank to ensure there is a record. Kerry6138 has mentioned they want a bank statement, have you seen the list of requirements? I assume from this customer's will have to forward them to me but will it be a copy and paste of the transaction or their actual bank statement.

[Reyntj]

Kerry in turkey its the tenant who faces a penalty of minimum 10000 tl per transaction as already posted.


The whole rationale for bringing this in is to prevent non payment or under declaration of rent tax. They have to impose penalties on tenants or they will have no incentive to comply & they will be less willing to play patty with the landlord declaring a lower payment if penalties exist and failure to comply has no benefit.

The article in the first post stated both landlord and tenant will have penalty. Bank Receipts also acceptable for payments. Until the ball starts rolling we wont know if its mandatory to supply proof of payment or its on request. Or for instance i have 1 tenant who pays via somebody elses account into my account when actually the landlord is my wife. Will it be ok? Id guess so but clearly depends on how pedantic the officer is being and also which area tax office you deal with.

[snd1966]

Devil's advocate transfer via the bank £350 give the landlord the rest in cash.

With wages having to paid via the bank, if there are more than 3 employees, it should be easier for workers to pay their landlords. Especially if they are with the same bank

[Reyntj]

Its not really worth it the tax office are not accepting well below markey declaration rent so if you are declaring £350 instead of £400 to save 13% of £50 ..£6.50 with the risk of penalties and your tenant thinking they are doing you a massive favour.

Appreciate its just hypotherical.

[gates]

So can the tenant go to my bank and pay into my account. I can’t make it out on there information page

[kerry 6138]

Kerry in turkey its the tenant who faces a penalty of minimum 10000 tl per transaction as already posted.

I'm happy to follow any process they decide , its the constant changes and the very little information they provide.
If the landlord is responsible for paying tax on their rental income, its a strange concept that the tenant would face a penalty.

[kerry 6138]

I am assuming the tenant can take cash to the landlord's bank or transfer it from their bank to ensure there is a record. Kerry6138 has mentioned they want a bank statement, have you seen the list of requirements?

No I've not seen any list, the bank statement information is from piecing together Facebook and kibcom posts and best guessing what they need, until such time has people share their actual experience.

[gates]

I am still trying to find out if my tenant is paid up till April. I have paid the tax till April what do I do

[Reyntj]

My guess is they dont know themselves yet..
I went yesterday half the staff on holiday..

[wizardofmann]

My guess is they dont know themselves yet..
I went yesterday half the staff on holiday..

That is not a guess Reyntj but a fact. And statistically, it is a 'no brainer,' as it simply the so called 'Government' will find it impossible to police, as from my last visit to their records department, is stacked wall to wall and ceiling to ceiling with paper records! When they finally realise it is not working for them (It won't take long) they will just keep doing what they always do, change like every other week

[Reyntj]

Asked at iskele when paying dec tax and they said we didnt need to bring proof rents had geen paid via bank but to keep records as they could be requested.

Of course could differ in other locations but seems a measure/tool to enforce penalties and collect taxes

Especially for short lets where i expect new laws there to probably similar to turkey where you need a license.

[Mimi2]

We have Stamped rental contract & Notarised Stamped letter.
Stating ZERO rent. Does this effect us? Nobody knows!!

[snd1966]

Asked at iskele when paying dec tax and they said we didnt need to bring proof rents had geen paid via bank but to keep records as they could be requested.

Of course could differ in other locations but seems a measure/tool to enforce penalties and collect taxes

Especially for short lets where i expect new laws there to probably similar to turkey where you need a license.

Yes I was advised this too, we carry on as normal but investigation we would have to produce the bank statements. I assume if your tenant pays cash into your bank account they will be accountable for showing where they got the money.

[kerry 6138]

We have Stamped rental contract & Notarised Stamped letter.
Stating ZERO rent. Does this effect us? Nobody knows!!

We were in a similar position.

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