NEWSLETTER-2020-metin

313 TAX LAW annual return. Through the regulation, it was ensured for the first time that the wages of sportspersons exceeding a certain amount are declared through an annual income tax return. In accordance with the aforementioned amendment, if the sum of the wages earned by the sportsperson after 01.01.2020 exceeds the amount in the fourth tranche of the tariff written in Article 103 of ITL (TL 600.000 for the year 2020), these revenues are declared through an annual declaration. However, if an annual declaration is submitted, the income tax calculated on these declared incomes may be deducted from the income tax calculated in accordance with the Income Tax Office, provided that it has been paid to the tax office by those responsible for withholding. It should be underlined that taxes deducted according to the ITL may only be deducted from the income taxes calculated through the annual income tax return of the sportspersons, provided that they are depos- ited with the tax office by the club where the sportspersons work. Since the regulation in question entered into force as of 01.01.2020, it will not be possible for sportspersons to submit a declaration if their wage income in 2019 exceeds the specified limit. In other words, the practice of making annual declarations of the athletes will be valid for wages earned as of 01.01.2020. Declaration and Payment Period for Wage Payments to Sportspersons As explained in detail in the previous title, the declaration ap- plication regarding the wages received by the athletes is related to the fees within the scope of the contracts signed after 01.11.2019. Annual income tax returns are submitted from the beginning of March to the evening of the last day of the year following the relevant accounting period. In this case, 1 March 2021 is the beginning of the annual reporting period following the end of the calendar year for the revenues obtained in 2020. The declared tax may be paid in two in- stallments: The first installment may be paid by the end of March; and the second installment by the end of July. 2 2 Revenue Administration, Tax Calendar for 2020, https://www.gib.gov.tr/sites/ default/files/fileadmin/beyannamerehberi/vergitakvimi2020.pdf (Access date: 15.09.2020).