Public Disclosure | 25/02/2013

25.02.2013

Tax Audit and Assessment

An audit has been carried out by the auditors of the Tax Audit Board in regards to the payments realized by our Bank for covering its liabilities under the Articles of Foundation for the “Supplementary Social Security and Assistance Foundation” founded by Türkiye Sınai Kalkınma Bankası A.Ş. according to the provisions of the Civil Code and the related contributions of employees of the Bank to the Foundation. As a result of this audit, it was claimed that such liabilities should have been taxed on salary basis and therefore, should have been subject to income tax withholding and stamp duty and such employee contributions should not have been deducted from the taxable amounts regarding income tax calculated for the wages of the employees and an audit report has been issued for 2008, 2009, 2010 and 2011.

As a result, notifications for tax fines have started to be served to our Bank for fined income tax/stamp duty assessment and that the assessed fine amount is projected to reach 17 million TL for 2008, 2009, 2010 and 2011.

After our evaluation of the matter, we believe that the procedures followed by our Bank are in line with the related codes and regulations and our Bank shall take the necessary legal actions regarding such tax fine assessments. The public shall be informed of any new developments in this respect.

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