About Us

At Boyut Audit and Tax Auditing and Certified Public Accountancy, operates in many different countries around the world, especially Turkey, Switzerland, Germany and the Netherlands.

We are your trusted partner in navigating the complexities of international taxation and auditing. With a proven track record of excellence and a commitment to delivering tailored financial solutions, we empower businesses and individuals to thrive in the global marketplace.

Boyut Audit and Tax Auditing and Certified Public Accountancy, was founded in 2006 by Selçuk Yücel.

Who is Selçuk Yücel?

I was born in Ankara in 1967. I completed my primary, secondary and high school education in Ankara. After graduating from Gazi University, Faculty of Economics and Administrative Sciences, Department of Finance, I completed my master’s degree at the same University with the thesis “Contribution to Public Capital Accumulation in the Planned Period in Turkey”.

For a while, he was the Assistant Auditor of the Turkish Court of Accounts. After my duty, I worked as an Account Expert at the Ministry of Finance of the Republic of Turkey. As an Accounting Specialist, I have authored two books in the field of legislation and published many studies, articles and writings on various subjects. I left the Board in 2002 and worked as Financial Affairs Coordinator in a private holding company. I have been working as a Certified Public Accountant and Consultant since 2006.

Our Expertise

Our team of seasoned professionals brings a wealth of knowledge and experience in international tax advisory and auditing. We understand that the world of taxation is ever-evolving, and that’s why we stay at the forefront of industry trends and regulatory changes to provide you with the most up-to-date insights and strategies.

What Sets Us Apart

  • Global Perspective, Local Expertise: With a global presence and local insights, we offer a unique blend of international perspective and on-the-ground knowledge. Our experts understand the nuances of tax laws and regulations in various jurisdictions, allowing us to offer comprehensive solutions that align with your goals.
  • Customized Solutions: We recognize that every client is unique, and so are their financial needs. Our approach is personalized, with solutions tailored to your specific circumstances, whether you are a multinational corporation, an individual with international assets, or anything in between.
  • Ethical and Transparent: Integrity is at the core of everything we do. We uphold the highest ethical standards and prioritize transparency in our client relationships. You can trust us to provide guidance that is both compliant and in your best financial interest.

Contact Us

Discover the difference a trusted partner can make in your international financial journey. Contact Boyut Audit and Tax today, and let’s explore how we can help you achieve your financial objectives on a global scale.



The tax relationship involves a debt-credit situation between the state and individuals and institutions. The state is in this case the active tax subject or tax creditor; Individuals and institutions are passive tax subjects or tax debtors. This legal relationship, authority and responsibilities are determined by the Constitution and tax laws.

The taxation authority of the state defines individuals and institutions with the capacity to pay as “taxpayer” or “principal tax debtor”. However, in order to simplify tax collection, ensure the proper fulfillment of tax obligations and guarantee tax receivables, the state has made some third parties obliged to pay the tax debt together with or instead of the taxpayer. In this context, the concept of tax officer and the institution of tax liability were developed.

In Turkish tax law, the term “tax officer” is defined in a general sense and the relevant laws specify the responsibilities of various persons in this context. However, existing studies in this field have generally been limited to just explaining liability situations. When the tax officer and tax responsibility are examined, it is seen that there are significant differences and varieties between the legal qualifications and responsibilities of the people in this position. Therefore, commenting in the light of general regulations may lead to misleading results.

In this study, the characteristics and powers of the people described as tax responsible, their liability situations determined in Turkish tax law, and the responsibilities of these people with the taxpayer, each other and the tax administration will be examined.

1.1 Definition;

If we examine the concepts of tax responsibility and tax responsible in terms of terminology: “Responsibility can be defined as the state of being held accountable for the action that violates the rule. As a legal term, it is the ability of a person to be held responsible for his wrongful actions. Responsibility is essentially the investment of the debt relationship. In this respect, it also includes compensation for the losses suffered by the parties to the debt relationship based on this relationship. (Tunç Zinnur, p. 93)

Liability finds its own unique responses in different branches of law.

“Liability is expressed with the German term “Haftung”, and in German Tax Law, tax liability is “Steuerhaftung” and tax responsible is “Haftungshuldner”. In Swiss tax law, instead of the term tax liability, the institution has been tried to be explained with concepts such as tax succession, “Steuersukzession, tax substitution”. In French tax law, the tax liability is expressed with the terms “le contribuable” and the tax debtor with the terms “le redevable”. Tax debtor is a broad concept. In English law, the term “tax responsible” is not used and other concepts provide the function of the institution (Saban Nihal, p. 2).

In Turkish Tax Law; Not being satisfied with the concepts brought by public finance regarding liability, a concept specific to this branch was created called “responsibility”.

In our Tax Law, Tax Liability; The person responsible for the tax is the person who addresses the creditor tax office in terms of payment of the tax. As can be seen, a general definition has been made here.

1.2.General Scope;

The main purpose of developing the concept of taxpayer in the field of tax law is to collect taxes to meet the financing needs of the state. The concept of taxpayer and tax liability is one of the basic concepts that presuppose the existence and independence of tax law.

“When the concept of tax liability and the issue of tax liability are examined, it becomes clear that there are significant differences and varieties between the legal qualifications and responsibilities of people who are described as tax liability in positive law. (Real, Adnan, p. 158)

Before moving on to general explanations, it is useful to look at the concepts of tax liability in German Tax Law and Turkish Tax Law.

1.2.1.Tax Liability in German Tax Law;

Since our figurative law is German Tax Law, briefly, tax liability is handled as follows in the relevant tax law.

“In German tax law, the liability institution was introduced to guarantee the payment of the tax debt, it guarantees the tax debt that carries out the liability act, and the tax creditor is given the opportunity to own the assets of the responsible person or the liability debtor. The main debtor and the liability debtor (the person for whom the debt is held responsible) are joint and several debtors.

Legal representatives, authorized managers (association members and partners if necessary), and those who appear as beneficiaries of the disposition are responsible for their demands arising from the tax debt relationship and for the intentional and grossly faulty failure to fulfill their obligations and to the extent that they have not been accrued and paid on time.


Conceptual Approach;
Paying taxes is not a “Duty”, it is a “demand”. Paying taxes is a demand for our personal rights and freedoms.

If the concept of tax had a color, the color of Freedom would undoubtedly be “Blue”.

In the 21st century postmodern era we live in, we have to think over and analyze the concepts of state, society, individual, law, rights and freedom.

It is important to explore tax from a philosophical perspective. To fully understand the relationship between taxes and freedom, we need to fully understand the answers to some of the fundamental questions surrounding taxes; What is tax? Why should we pay taxes? How much tax should we pay? Who should tax be collected from? What should taxes be used for? How do the ideas of Justice and Property relate to the tax system? Should the concepts of Tax and Freedom be related? Can the concepts of Tax and Freedom explain each other? What is the relationship between the concepts of justice, property and wealth in the tax system? Considering all these questions is crucial for a full understanding of the tax system and its future. In this context, the concepts of tax duty, duty and tax liability, which are concepts that should be considered as a start, are examined below;

Tax Duties, Duty and Tax Obligation Concepts
What is Homework?
Homework in the Turkish Language Association Turkish Dictionary; It is an act or behavior, duty, obligation that is necessary in terms of the sense of humanity, customs and law.
Homework is defined as follows in philosophy dictionaries: It is an order that we undertake to do and fulfill at our own will and for which we take responsibility. This imperative is not a conditional imperative (hypothetical imperative) that conditions people from outside. This imperative is an unconditional imperative (categorical imperative) in the sense of an imperative that we impose on ourselves.
In legal doctrines, duty has generally been used in the context of tax duty, “legal obligation”, and the relations between the concepts of right and obligation are highly controversial even today. What concerns us is that when duty is mentioned, it is conceptualized as a legal obligation. We see that tax duty is used in the sense of tax liability in our 1961 Constitution and subsequently in our 1982 Constitution. In contemporary Constitutional regulations, there are no regulations regarding taxation or tax liability in the nature of duty or legal obligation. In this context, the use of tax duty in the sense of legal obligation as well as in the sense of responsibility and duty is an understanding that has been abandoned in legal philosophy and doctrine.
What is Tax Due?
Tax Dues are defined in Tax Procedure Law. Although it is not defined separately in tax law theory, it is generally accepted as a “Legal Obligation”. Accordingly, we can see that the main definition is made under the “Tax Duties” side heading of our Constitution.

Tax Dues Are Regulated in Which Part of the 1982 Constitution?

Under the title of Social and Economic Rights and Duties of the Constitution, “VI. The marginal heading “Tax duty” is regulated in the first paragraph of Article 73. This side heading came to our legislation with the 1961 Constitution.

“Tax Duty Article 73 – Everyone is obliged to pay taxes according to their financial ability to cover public expenses. Fair and balanced distribution of the tax burden is the social aim of fiscal policy. “Taxes, duties, fees and similar financial obligations are imposed, changed or abolished by law.”

Tax and Freedom;
Article 17 of the Universal Declaration of Human Rights, adopted by the decision of the United Nations General Assembly on December 10, 1948, states that everyone has the right to own property, either alone or jointly with others, and that no one can be arbitrarily deprived of their property. On the one hand, it is emphasized that the right to property is a fundamental right with Article 17 of the Universal Declaration of Human Rights.

The concept of tax duty or tax liability is directly related to the concepts of “Freedom” and “Property”. Free individuals are subjects of tax liability. Property or ownership is specific to the free individual. In the historical process, from a legal perspective, the freedom of the individual, the immunity of property and tax obligations are concepts that are almost intertwined, complement and explain each other. In modern democracies, individual freedom and property rights are guaranteed. This guarantee is legal and is primarily a guarantee against the legislative and executive powers. Well, in the context of our subject of command authority, the taxation authority and its scope are related to the state’s law-making authority and executive authority, that is, the elected government. The state must use its taxation authority within the limits recognized by the rules of law, and in particular, it is guaranteed by the Constitution that this authority should not be used arbitrarily by the legislative or executive body. For this reason, in the context of the legal order in modern states and democracies today, tax law is one of the branches of law with the most comprehensive legal regulations.

The Relationship between Taxation and Fundamental Rights and Freedoms
Universal Declaration of Human Rights

What is the IMF Dollar Exchange Rate Forecast? How to Calculate? Applied Example

In the World Economic Outlook Report, the IMF published current economic data for 2022, 2023, 2024, 2025, 2026 and 2027 and its forecasts for the coming years.

In this article , we will calculate the IMF’s USD/TRY exchange rate forecast for 2022, 2023, 2024, 2025, 2026 and 2027,  based on the purchasing power parity (PPP) estimates in the IMF World Economic Outlook Report  .

How far does the dollar go?

Should we buy dollars? How far does the dollar go? What happens to the dollar? What will be the dollar exchange rate at the end of 2022? What will happen to the dollar in 2023? If you want to give a short and clear answer to those who ask, you can boldly state the forecast figures of the IMF World Economic Outlook Report, which has objective and detailed data. After all, the huge IMF forecast

IMF global economy forecasts are invaluable data for you to compare with the latest dollar comment headlines or optimistic expert comments on the internet.

Why is the IMF Dollar Rate Forecast Important?

In our analyzes that involve predictions about future periods, such as investment plans, budget projections, cash flow projections in companies we work with, or especially when evaluating our contracts in foreign partnerships, we have to use objective dollar exchange rate estimates for future periods. In this respect, we benefit from the IMF “World Economic Outlook Report” estimates, which are created with very valuable and detailed economic data.

Let’s examine the data we will use and the links we can access when calculating the dollar exchange rate forecast;

What is the World Economic Outlook Report?

World Economic Outlook Report ; It is a report prepared by IMF economists that provides a detailed analysis of global economic developments in the near and medium term, taking into account the problems affecting economies, and is generally published twice a year, in April and October. Here you can access current and forecast data on many economic data.

Click to access the April 2022 World Economic Outlook Report;


What data should I use to calculate dollar exchange rate estimates?

There are three data we can obtain from the World Economic Outlook Report to calculate the dollar exchange rate estimate: Purchasing power parity (PPP), Gross domestic product (GDP) (US Dollar, Billion), Gross domestic product (GDP) (Purchasing Parity)

What is Purchasing Power Parity (PPP) (Implied PPP Conversion Rate (National Currency Per International Dollar))?

Purchasing power parity (PPP) is a parity that relates changes in the nominal exchange rate between two countries’ currencies to changes in the countries’ price levels. It can be thought of as a common currency that reflects and compares the absolute purchasing power between countries. PPP is a good alternative for comparison, especially when official exchange rates are artificially manipulated and deviate significantly from their long-term equilibrium.

Click to access IMF Purchasing Power Parity (PPP) data;


What is Gross Domestic Product (GDP) (US Dollars) (GDP, Current Prices (Billions Of US Dollars))  ?

Gross domestic product (GDP) is an economic measure that represents the total market value of all final products produced over a period of time, usually a year.

Click here to access IMF gross domestic product data in US Dollars;


What is Gross Domestic Product (GDP, Current Prices (Purchasing Power Parity; Billions Of International Dollars)) ?

GDP represents the total value in PPP terms of final goods and services produced in a country over a given period of time at current prices (purchasing power parity).

Click here to access IMF Gross Domestic Product data in Purchasing Parity (PPP) terms;


Now let’s calculate the IMF exchange rate forecasts

IMF Exchange Rate forecast calculation steps;

  1. The 3 relevant data are downloaded from the IMF database.
  2. The gross domestic product in Turkish Lira is obtained by multiplying the relevant year’s gross domestic product in purchasing parity and the relevant year’s purchasing parity   . 
  3. The gross domestic product (GDP) in Turkish Lira that we obtained is divided by the gross domestic product (GDP) in US Dollars of the relevant year that we obtained from the database, and the IMF exchange rate forecast for the relevant year is shared with you.

You can use the following formulas when using data;



GDP (TRY) = GDP, current prices (Purchasing power parity; billions of international dollars)

Exchange Rate=GDP (TRY) / GDP, current prices (Billions of US dollars)


Since the data is available in English on the IMF website, the examples are taken as written on the website, which will help you find the data more easily.

2022 Average  USD/TRY Parity Calculation;

2022 GDP, current prices (Purchasing power parity; billions of international dollars): 692.38

2022 Implied PPP conversion rate (National currency per international dollar): 3.53

2022 GDP (TRY): 11,335

2022 GDP, current prices (Billions of US dollars): 3.212

2022 USD/TRY Exchange Rate: 16.37

According to the IMF World Economic Outlook Report (WEO), Average US Dollar Exchange Rate (USD/TRY) Estimates are as follows by Years; 

16.37 for 2022, 22.88 for 2023, 25.28 for 2024, 26.92 for 2025, 28.56 for 2026, 30.53 for 2027.

You can use this data until a new economic report is published in October.

I hope the data will help you in your work.


BEPS has been translated into Turkish as Base erosion and profit shifting. BEPS is a project of OECD (Organization for Economic Co-operation and Development) consisting of 15 separate action plans, that is, actions regarding measures that can be taken on 15 different taxation issues that cause tax erosion. 

BEPS in short; It is a project that fights to prevent multinational companies (MNE – multinational enterprise) from causing tax losses or tax avoidance by taking advantage of the differences in the local tax regulations of the countries.


With the BEPS plan, multinational enterprises’ company information, activities, risks, revenues and assets are collected in a single system. The main purpose of the BEPS plan is to eliminate tax inconsistencies from country to country and prevent companies from shifting their profits from a country with a high corporate tax to a country with a low tax rate, thus preventing money laundering. In this project, the priority of essence, transparency and consistency are at the forefront. The plan is to limit opportunities for international tax avoidance.

In addition to preventing both double taxation and double taxation, the project also prevents countries from affecting the investment potential of other countries by lowering tax rates to attract investment. Significant changes are being made that will affect the organizations of multinational companies that transfer their profits to tax havens.

There are 3 types of reporting obligations within the BEPS action plan.


1.Master File: This is the report that includes the organizational structure of the group, the description of its commercial activities, its intangible assets, intra-group financial transactions and the financial and tax situation of the group.

2. Country Report (Local File): It consists of 3 separate reports.

Transfer Pricing Report: This is the annual transfer pricing report that has been in practice in Turkey since 2007, showing the transactions made by the Group’s Turkish resident enterprise with all related companies. Domestic and international related transactions of taxpayers registered with the Large Taxpayers Tax Office and corporate taxpayers operating in free zones; Other corporate taxpayers are required to prepare an annual transfer pricing report covering only their foreign-related transactions.

Annex 2 transfer pricing form within the scope of the Country Report: “Form Regarding Transfer Pricing, Controlled Foreign Institution and Thin Capital”.

Annex4 transfer pricing form within the scope of the Country Report: Transfer Pricing Form for Transactions with Related Parties.

3.Country Based Reporting (CbCR): 76 countries have signed it so far . http://www.oecd.org/tax/automatic-exchange/about-automatic-exchange/CbC-MCAA-Signatories.pdf   Turkey has not signed yet. Once signed, country-based reporting information can be mutually shared with other country tax administrations within the framework of bilateral and/or multilateral international agreements to which Turkey is a party. The list of countries that are parties to the agreements in question is announced by the Administration.

BEPS Examples

For the OECD’s BEPS movement, the BEPS scandals of the last decade have been a driving force. 

Base erosion is a loss of revenue for states. It is estimated that annual tax revenue losses range from US$100 to US$240 billion (4-10% of global revenues from corporate income tax) due to profits being transferred from country to country around the world.

The largest firms in the world are generally US multinationals, which avoid the high (35%) corporate tax rate in the US. To avoid this, they often set up a company in a country with a lower corporate tax rate. Let’s take a look at BEPS in practice, that is, examples of base erosion that are not very fair;

Double Irish

It is the largest tax avoidance structure in history. Double Irish is a BEPS structure used by US companies in Ireland (Apple, Google and facebook etc). For example, Google was founded in Ireland and its headquarters in Bermuda. While this company of Google was considered Irish according to America, it was Bermudian according to Ireland. Meanwhile, the tax rate in the USA is 35% and in Ireland it is 12.5%. Google clearly stated that the reason for this practice was to ‘take advantage of the low corporate tax rate in Ireland’. However, the income generated by Google could be transferred to Bermuda without being taxed in both the USA and Ireland. It is obvious that there is nothing illegal here, but there is also no fair taxation.

Intangible asset transfer

It is the transfer of intangible assets, such as patents and trademarks, whose value cannot be determined clearly and precisely, or whose determination is difficult and not objective, from a country in a tax haven to a country with a high tax rate that is not in a tax haven. In other words, this is the practice of selling intangible assets and not adding the income to the tax base of the company in the tax haven, while the company in the country with high tax rates can deduct this purchase from the tax base.


SPV (special purpose vehicle) is an emerging debt-based BEPS vehicle. It is preferred to be established in countries with tax advantages. Usually, financiers establish the SPV and the SPV acquires shares of the target company by obtaining debt from these financiers. SPV benefits from the tax shield of the debt it uses and many tax advantages in the legislation. Currently, $10 trillion in global securities have been created through SPVs, which are obscure and use asset-backed securitization (ABS) to create artificial debt structures.

Investment Projects Profitability Analysis

In this article, general lines that should be taken into consideration in the profitability analysis of investments to be made, especially in an economy with inflation and increasing exchange rates, are stated. This article can provide you with a vision about the acceptability of investment projects.

In this article, “How can I decide whether investment projects create financial value? What discount rate should I use when discounting expected future cash flows in investment projects to the present? What is the risk-adjusted discount rate? What is the risk-free interest rate? What is the risk premium? What is the beta coefficient? You can find answers to questions such as.


In the profitability analysis of investments or projects, the value of the investment is equal to the net present value of the expected cash flows.

If the present value of the cash we will obtain in the future from the projects is greater than the current cash outflow, the projects result in net cash inflow and are profitable projects.

A project creates value only if it generates higher returns than similar investments in financial markets.

In the simplest terms, if the investment we make with some money we have provides a return higher than the market interest rate, this investment creates financial value.

If we invest some money for interest, we can find the future and present value of our money by using the formulas Future Value = Principal x (1 + Interest Rate) Maturity and Present Value = Future Value / (1 + Interest Rate) Maturity.

Net Present Value Method

We use the following formula to find the net present value of the future cash flows of our investments.

NPV = Net Present Value

NA1,NA2… = Cash Flow at the end of the 1st Period, Cash Flow at the end of the 2nd Period…

Discount Rate (r) = Risk-free rate of return + Risk Premium

The discount rate of the investment is equal to the return that could be earned on an investment with equal risk in the financial markets. However, we often have to include risk in this discount rate.

Exchange rate risk, inflation risk, geographical risk, country risk or other uncertain risks cause uncertainty in investment profitability, so the risk should be included in the discount rate we use to discount cash flows, and the Risk Adjusted Discount Rate should be used.

As the risk increases;

  1. While the present value of the project is constant, expected future cash flows increase,
  2. If the expected future cash flows of the project are certain, that is, fixed, the present value of the project decreases.
  • If we give an example of the first item; While the present value of a factory that produces and sells essential consumer goods as a monopoly is constant, we expect future cash flows to increase.
  • If we give an example of the second item; In an environment where exchange rate and inflation risks are constantly increasing, we expect the expected current return of committed, progress-based projects to decrease.

The main logic for us to understand NPV calculations is as follows; Let’s say we have two service contracts with the same contract price and the same contract period. The one with higher risk has a lower present value. or when the present value is fixed, the future value is higher, that is, among two contracts with the same present value and the same amount and the same duration, the expected future return of the one with higher risk will be higher.

Risk Adjusted Discount Rate can be applied to projects with increasing risk, but if the risk decreases over time, we may calculate the value of the project lower than it should be, which will mislead us.


According to the Capital Asset Pricing Model (CAPM), the discount rate is found as follows;

  • Discount Rate (r) = (Risk-free interest rate) + (Market risk premium) x (Beta)
  • Discount Rate (r) briefly consists of the sum of the Risk-free return rate and the Risk Premium.

So, let’s talk about how to determine the risk-free rate of return and risk premium.


The risk-free rate of return is the interest rate in each country’s currency of the central bank, which has the authority to create that currency. However, since the interest rates of central banks are short-term and are not applied for every maturity, the yields of treasury bills or government bonds in that currency corresponding to the maturity are accepted as the risk-free rate of return in practice. The interest rate valid throughout the life of the asset is the value found by using the 10-year government treasury bonus or bond interest rate in a 10-year project, which is generally valid for companies throughout the life of the project. If we are using a foreign currency, it is the value found using the state treasury bonus or bond interest rate to which the currency belongs. For example, nowadays (November 2018) TR 10-year bond interest rates are 16.69 and US 10-year bond is 3.


Risk premium is the value found by multiplying the difference between the market rate of return and the risk-free rate of return by beta.

In other words, the Risk Premium is the risk of the project relative to the general market index, it is the measure that shows the relationship between the changes in the project returns depending on the changes in the return rates of the market portfolio.

For example;

If we have a project with a risk-free rate of return of 16% and a market interest rate of 24%, with a beta of 1.5, the risk premium is (24% – 16%) x 1.5, or 12%.


Beta (β) shows the relationship of the relevant project (or sector) with market movements.

It is the calculation of how risky the market risk is against the preferred project, or it shows how risky the preferred project is compared to the market.

For example, if the market’s beta is 1 and our project’s beta is 2, when the market gains 10% value, our project gains 20% value, and the same is true when there is a decrease. If the market has a beta of 1 and our project has a beta of 0.1, when the market gains 10% in value, our project’s return increases only by 1%.

Beta is calculated by dividing the covariance between the return of the project and the return in the market (Covariance examines the changes of two variables together) by the variance of returns in the market (variance is the average square of the distance between the average value and each value in the population).

While calculating covariance and variance, in the simplest form, we can calculate covariance in Excel by putting the interest returns of the market and the expected returns of the project in the same periods side by side, and we can also calculate the variance for the returns of the market in the same periods.

Beta coefficient shows the sensitivity (volatility) of the project to market risk.

  • If ß=1, the movement of the project return is the same as the market (average risk).
  • If ß<1, the movement of the project return is slower than the market (less risky, low volatility).
  • If ß>1, the movement of the project return is faster than the market (more risky, high volatility).

However, it should not be forgotten that we reject the social responsibility of businesses by saying that investments that do not create financial profitability are unacceptable. Even though the investment does not create financial profitability and has a lower expected return than the financial markets, sustainable investments are the main responsibilities in the development of our country, reducing unemployment, industrialization, development, transferring the corporate culture to new generations or keeping your values ​​alive.


EBITDA  (Earnings Before Interests, Taxes, Depreciation and Amortization), which is an English term,  is an abbreviation of the concept of Earnings Before Interest, Depreciation and Taxes  (EBITDA).

Although EBITDA is not a financial measure recognized in generally accepted accounting principles (GAAP), it is a financial indicator  that is widely used in mergers or acquisitions of businesses in Turkey and allows comparison of profitability and operational efficiency between different companies. 

EBITDA  is the key indicator of the multiplier method, which is the valuation method of company value that we reach by multiplying the EBITDA of that company with the sector multiplier of the company .


EBITDA is found by adding (+) depreciation expenses (DA) to the main operating profit (EBIT)  in the company’s income statement   or by adding the relevant expenses shown in the formula below to the net profit for the period.

EBITDA = Net profit/loss for the period + Taxes Payable +/- Interest Expenses/Income +/- Foreign Exchange Difference Expenses/Income + Depreciation and Depreciation Expenses

EBITDA = Net income +/- Interest + Taxes + Depreciation + Amortization expenses

When calculating EBITDA, we will try to reach the operating profit by walking backwards from the Net Profit or Loss for the Period, that is, we will add expenses and subtract revenues to the net profit for the period. While doing this, it should be noted that the expenses we will add or the income we will decrease should not be related to the main activity of the company. Our aim is to eliminate income and expenses other than operational activities and focus only on the efficiency of companies’ operational transactions.

In addition, even if the income and expenses we take into account in the calculation are within the scope of operational activities, continuous, unsustainable, exceptional income and expenses should not be considered within the main activity income and expenses and should not be included in the EBITDA calculation.

Below is a summarized income statement. For ease of explanation, only operating profit/loss, net profit/loss for the period and EBITDA calculation are shown.







The method we will follow when calculating EBITDA should be as follows: in the income statement; To evaluate the transactions related to the company’s main activity within the EBITDA account by examining the accounts of ordinary income and profits from other activities, ordinary expenses and losses from other activities, financial expenses, extraordinary income and profits, extraordinary expenses and losses, period profit tax and other legal liability provisions one by one. We should try to reach the profit arising from the company’s main activity more clearly by eliminating transactions that are unrelated to operational transactions from the net profit/loss for the period.


For example, we need to determine whether the transactions made are related to our main activity by examining the accounts under the “F- ORDINARY INCOME AND PROFIT FROM OTHER ACTIVITIES” account one by one in the income statement. If the transaction is related to our main activity, we do not need to make a change in the net profit/loss for the period, or we need to add the relevant income and subtract the relevant expense to the operating profit or loss account. However, if the transaction is not related to our main activity, we should add it if we have subtracted it, or subtract it if we have added it, when reaching the net profit/loss for the period.

The path we will follow when we examine the following items under this account is as follows;

Dividend Income and Ebitda from Subsidiaries

Dividend income has no relationship with our main activity, so we subtract these income from the net profit and loss for the period.

Outdated Provisions and Ebitda

The issue is whether the obsolete provisions account will be excluded from the net profit for the period. This account is the income arising from the cancellation of provisions, and as long as it arises from the main activities of the company, we take it into account in the EBITDA calculation, that is, we do not need to take any action since it is already calculated in the net profit / loss for the period.

Interest Income and Expenses and Ebitda

Interest Income and Expenses  In principle, interest income and expenses are eliminated when calculating EBITDA. However, if companies evaluate their cash from sales during the period from collection to payment within the working capital cycle due to their activities, until the relevant payment is made, they are taken into account in the EBITDA calculation and are not eliminated.

Exchange Difference Income and Expenses and Ebitda

Exchange Rate Difference Income and Expenses:  In principle, foreign exchange difference income and expenses are eliminated when calculating EBITDA, but foreign exchange difference income and expenses arising from the main activities of companies are taken into account in the EBITDA calculation and are not eliminated. For example, exchange rate difference income and expenses arising from trade receivables and payables are included in the EBITDA calculation, but exchange rate difference income and expenses arising from foreign currency bank loans or other financing activities should not be taken into account in the EBITDA calculation.

If foreign exchange difference income and expenses arise due to an extraordinary situation in the relevant period, these income and expenses should not be taken into account in the EBITDA calculation as they are not sustainable, even if they are related to the main activity. For example, the exchange rate difference that occurs in situations such as rapid exchange rate increase or devaluation.

Maturity Difference Income and Expenses and Ebitda

Maturity Difference Income and Expenses  Maturity difference income and expenses to be accrued for the sale of goods and services should be taken into account in the EBITDA calculation since they are related to the main activity of the companies. Even though maturity difference income and expenses are accounted for in other income, interest income or financing expenses accounts, they should not be eliminated when calculating EBITDA.

Rediscount Income and Expenses and Ebitda

Rediscount Income and Expenses  Rediscount income and expenses are discounted to the present value of trade receivables and commercial payables with a certain discount rate. Rediscount income and expenses must be taken into account in the EBITDA calculation.

Term Tax and Deferred Tax Income/Expense and Ebitda

Term Tax and Deferred Tax Income/Expense,  Term Profit Tax and Other Legal Liabilities Provisions and deferred tax income/expense should not be taken into account in the EBITDA calculation. We must add the taxes to be paid, which we subtracted when reaching the net profit/loss for the period, to the net profit/loss for the period.

Extraordinary Income and Expenses and Ebitda

Extraordinary Income and Expenses  are not taken into account in the EBITDA calculation in principle, but as long as they are sustainable, they should be taken into account in the EBITDA calculation.

Severance Pay and Unused Leave Provision Expenses and Ebitda

Severance Pay and Unused Leave Provision Expenses  Severance pay provision expenses are included in the EBITDA calculation within operating expenses and therefore within operating profit/loss. Therefore, there is no need to take any action, but in TFRS calculation of severance pay provision, current period service cost, past service costs and net interest on the defined net benefit liability (asset) are recognized in profit or loss. Service costs are accounted for in operating expenses, and interest expense is accounted for in financing expenses. Therefore, when calculating EBITDA, financial expenses related to severance pay should be included in the calculation, that is, added to the net profit/loss for the period.

Actuarial gains and losses are recognized in other comprehensive income, so they will not affect the profit/loss for the period and therefore the EBITDA calculation, so there is no need to take any action.



Tax exemptions, exemptions and deductions play an important role in achieving the objectives of tax policies, such as promoting various sectors, ensuring social equality and increasing general welfare. Exemptions and exemptions allow certain organizations or activities to be fully or partially exempt from the tax burden. For example, certain institutions or organizations operating in fields such as education, healthcare, social services, science and technology often receive tax exemptions. Deductions, on the other hand, allow certain expenses or investments to be deducted from taxable income, thus reducing the tax burden. Investments such as R&D expenses, education and health expenses are generally subject to tax deduction.

1.1. Exemption

While the term exemption means exclusion and non-application, in the context of tax exemption; It refers to the situation where a real or legal person who meets certain conditions is not taxed or excluded from tax in a situation where he/she should be taxed according to tax laws. In tax exemptions, individuals or certain groups are excluded from tax liability and are not accepted as taxpayers (Işık, 2014: 162).

Exemption appears as a limitation on the taxpayer. For economic, social, political and technical reasons, some taxpayers are not taxed, that is, they are excluded from tax, even though they are related to the taxable event. This is a privilege that is brought for certain taxpayers and narrows the liability, and this privilege is called “exemption” (Şenyüz, Yüce and Gerçek, 2019: 91). Exemptions are seen as regulations applied to the taxpayer and eliminating the tax receivable (Bulutoğlu, 1982, p. 20).

1.2. Exceptional

While exception means keeping a situation or issue separate from similar ones, in the tax context, unlike exemption, it means that a certain issue or situation is not taxed by tax laws (Şenyüz, Yüce and Gerçek, Tax Law, 2019: 87).

An exception is a limitation on the tax subject, and a tax exemption is the non-taxation of an element, income or gain within the scope of taxation, according to the tax laws. Taxation of a subject is not carried out for a certain period of time or continuously due to economic, political or social reasons (Ersöz Kuru, 2019: 58). In summary, regulations that limit the subject of tax are called “exception”.

When the terms exemption and exception are examined from objective and subjective perspectives, it is seen that exemption is a subjective concept, that is, it is based on the taxpayer or tax subject. On the other hand, exemption is an objective concept based on the subject of the tax. Exemptions and exceptions; These are practices regulated by law to prevent certain people or subjects from being taxed for social, cultural, financial, economic and administrative reasons. In order for exemptions and exceptions to be applied, there must be a tax-paying ability to be taxed. This means that a taxable subject or person must exist. This subject or person must be excluded from tax by law (Akdoğan, 2019: 148-149). Simply put, when there is no taxable person or subject matter, there is no tax, and likewise, there are no exceptions or exemptions.

Exemption and exception practices are determined by law, and the underlying idea is that the benefit to be obtained as a result of not being taxed is greater than the benefit to be obtained as a result of the tax liability imposed on the person or subject (Capital, 2023: 8).

1.3. Discount

Tax deduction is defined as a tax advantage that helps reduce or limit the tax base. As an example of this situation, we can show wage earners to whom disability discount is applied. Tax deduction is a tax expenditure that makes it possible to deduct certain amounts from the gross income of taxpayers who meet certain qualifications by law. When calculating their taxable net income, taxpayers can deduct some items specified by law from their gross amounts as deductions (Dil, 2014: 6).

Tax deduction can generally be applied to people who meet certain conditions, for a certain period or continuously. These deductions serve a variety of policy goals, such as reducing the tax burden and encouraging certain economic activities or social conditions. For example, tax deductions given to companies investing in environmentally friendly technologies aim to encourage investment in such technologies (Ersöz Kuru, 2019: 58).

Tax deductions can be objective or subjective, such as exemptions and exemptions. Exemptions and deductions are generally based on the subject matter of the tax and are therefore considered objective. On the other hand, exemptions are generally based on the taxpayer and are therefore considered subjective. This shows that the application of tax deductions, exemptions and exemptions depends on both the subject of the tax and the taxpayer (Köse, 2009: 11).

According to tax laws, some types of income or certain groups may be excluded from the taxation process in order to support certain economic and social goals. Exemptions, exceptions and deductions applied in accordance with the Income and Corporate Tax Laws in Turkey have led to the waiver of a significant amount of tax revenues that the state can receive (Association of Finance Accountants, 2019: 77). For example, the total amount of taxes given up by the state in 2017 was 68,851 million TL. This amount represents 37% of the corporate tax and 43.8% of the income tax that should be collected. While the expected tax expenditures in 2018 were 81,514 million TL, this figure increased to 96,298 million TL in 2019 (Ministry of Treasury and Finance, 2018: 284).

According to the data of the Ministry of Treasury and Finance, there is a constant increase in the tax revenues given up by the state due to tax exemptions, exemptions and discounts. This situation causes a significant decrease in the state’s total tax revenues and therefore a serious loss of income. This loss of revenue could limit the state’s ability to fund its services and strain its financial stability. Therefore, the social and economic benefits of tax reductions and exemptions must be carefully balanced with these potential revenue losses.

The returns on tax expenditures obtained through the application of exemptions, exclusions and discounts can be realized faster than the returns on general public expenditures. These tax expenditures are quickly rewarded and can have a rapid impact on various sectors of the economy. Particularly important incentives are provided to the activities of the private sector with tax advantages provided through exemptions, exclusions and discounts. These tax regulations increase the capacity of the private sector to invest and expand business activities and support economic growth. In addition, exemptions, exclusions and discounts can be used as a direct intervention tool in social and economic life. Through these tax regulations, goals such as promoting social justice, reducing poverty, or supporting certain industries or economic activities are attempted to be achieved (Küçük, 2013: 17).

In this way, exemptions, exclusions and discounts are both a tax policy tool capable of creating a rapid impact and provide the opportunity to create strategic effects on the economy and society towards specific targets. However, it is important that these regulations are carefully managed and effectively monitored and evaluated to achieve their intended effects.

The proliferation of exemptions, exceptions and deductions increases the complexity of tax laws and makes legal interpretations difficult. These tax regulations, which are implemented for social policy goals, are implemented for the purposes of ensuring tax justice and smoothing income distribution, but this process also causes the complexity of the tax legislation (Karabacak, 2013: 18-19).

This situation, which creates structural disorders and reduces the required tax efficiency, negatively affects the understandability and applicability of the tax system and creates uncertainty and complexity for taxpayers. This situation becomes more evident, especially if the number of exemptions and exemptions increases, and it directs taxpayers to change their income and activities, or even resort to tax avoidance, in order to benefit from tax advantages (Küçük, 2013: 22).

Exemptions, exceptions and discounts, also known as tax privileges, cover only certain subjects or taxpayers, affect consumption, investment and savings decisions and disrupt the effective and fair distribution of public resources. While these practices provide privileges to certain groups, they cause the state to give up the potential income it can obtain from taxable resources. This situation brings with it certain difficulties and limitations in terms of general tax policies and economic management (Küçük, 2013: 22).

The wide coverage of exemptions and exceptions in the laws and their excessive scope cause the state to suffer a great loss of income. The large number of these applications causes imbalance among taxpayers. While some taxpayers pay their taxes in full, others can partially or completely reduce their tax burden thanks to the privileges brought by these applications. This situation disrupts equality among all taxpayers, causing reactions and increasing tax resistance. In addition, too many exemptions and exclusions harm fair taxation, cause unfair competition and informal economy, and increase the state’s revenue loss (Uyanık, 2013: 22-23).

This situation, which creates structural disorders and reduces the required tax efficiency, negatively affects the understandability and applicability of the tax system and creates uncertainty and complexity for taxpayers. This situation becomes more evident, especially if the number of exemptions and exemptions increases, and it directs taxpayers to change their income and activities, or even resort to tax avoidance, in order to benefit from tax advantages (Küçük, 2013: 22).

Exemptions, exceptions and discounts, also known as tax privileges, cover only certain subjects or taxpayers, affect consumption, investment and savings decisions and disrupt the effective and fair distribution of public resources. While these practices provide privileges to certain groups, they cause the state to give up the potential income it can obtain from taxable resources. This situation brings with it certain difficulties and limitations in terms of general tax policies and economic management (Küçük, 2013: 22).

The wide coverage of exemptions and exceptions in the laws and their excessive scope cause the state to suffer a great loss of income. The large number of these applications causes imbalance among taxpayers. While some taxpayers pay their taxes in full, others can partially or completely reduce their tax burden thanks to the privileges brought by these applications. This situation disrupts equality among all taxpayers, causing reactions and increasing tax resistance. In addition, too many exemptions and exclusions harm fair taxation, cause unfair competition and informal economy, and increase the state’s revenue loss (Uyanık, 2013: 22-23).

The Income Tax Law is a legislation that taxes earnings and income at certain rates. However, in this taxation process, there may be exemptions and exclusions for some earnings.

There are applications such as tradesman exemption, young entrepreneur exemption, exhibition and fair exemption for commercial earnings. In addition, there are tax exemptions for software, design and R&D activities, profits from industrial property rights and income from free zones (Köse, 2009: 11).

In terms of agricultural earnings, young farmer exemption and incentive bonus practices stand out. There are regulations such as exemptions for diplomats, servants working in embassies and consulates, meal fee and lodging exemptions in wage income. Applications for the self-employed include exhibition and fair exemption, young entrepreneur exemption, and certain exemptions for professions such as midwives and petitioners. In addition, tax exemption is provided for copyright and copyright earnings (Şenyüz, Yüce and Gerçek, 2019: 99-100).

There are regulations such as housing exemption for real estate capital income, dividend exemption for movable capital income, exemption for payments made from single-premium annual income insurance, and exemption for income paid to income sharing bonds (Şenyüz, Yüce and Gerçek, 2019: 99).

Finally, there is a transfer exemption for other earnings and revenues. All these exemptions and exemptions are used in certain cases to ease the tax burden and promote certain policies.

The Corporate Tax Law contains various exemptions and exemptions. These exemptions cover some public administrations and organizations, local government enterprises, cooperatives, sports clubs, social security institutions established by law, institutions that provide credit guarantees, scientific research and development institutions and some businesses in special situations. For example, educational, cultural, artistic, health and social organizations, nurseries, guesthouses, military canteens and organizations that open exhibitions, fairs and fairs can benefit from these exemptions (Kavak, 2017: 401).

In addition, a number of exceptions are determined in the Corporate Tax Law. These include exemptions for participation gains, gains from the sale of subsidiary shares, real estate sales gains, investment fund and investment partnership gains, emission premiums and profits from overseas workplaces. In addition, earnings from overseas construction, repair, installation and technical services, earnings from schools and rehabilitation centers, and earnings from transfers or sales against bank debts are also exempt from tax (Şenyüz, Yüce and Gerçek, 2019: 210).

The law also includes regulations for special situations such as the risturn exception, industrial property rights exception, exception in sell-lease-repurchase transactions, foreign fund earnings exception, and exception for gains arising from the sale of assets and rights for the purpose of issuing lease certificates. These exemptions and exclusions were created to ease the tax burden of corporations in certain cases and to encourage certain policies. Therefore, understanding and applying these rules correctly enables institutions to make the most of the available incentives while fulfilling their tax obligations (Şenyüz, Yüce and Gerçek, 2019: 211).

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