313 TAX LAW Bridge Loans Pursuant to the updated Communiqué Draft, it is regulated that the expense of the financing provided by a company within the same group and transferred to another company should be applied to the company that took over and actually used the loan. Therefore, financing expenses related to loans transferred, intra-group, are subject to the expense limitation by the company that took over and actually used the loan. Conclusion The updated Communiqué Draft was open to public opinion and recommendations until 26.04.2021. Although many issues that caused controversy in the Draft Communiqué are addressed in the Updated Communiqué Draft, it is expected that discussions will continue. Indeed, the procedures and principles of the limitation on financing expense deduction, which concern the first temporary tax returns of 2021, and require important calculation and cause workload, were determined at the last moment. Moreover, it may still be argued that the application is against the legality, legal security, and certainty principles of the tax due to the reasons explained above. Considering the fact that the corporate tax rate has been increased to 25% for 2021, 22% for 2022, and the capital crisis deepens under the pandemic conditions, it could also be evaluated in the oncoming process whether the limitation on financing expense deduction strengthens the capital structures of the enterprises, and whether the purpose is realized.
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