Expert Accounting Services in Turkey for Foreign Investors and Local Businesses
Your Trusted Accounting Partner in Turkey
Navigating Turkey’s complex accounting landscape requires more than basic bookkeeping—it demands expertise in Turkish tax regulations, digital transformation requirements, and international compliance standards. At Celikel CPA, we provide comprehensive accounting services in Turkey that help foreign investors and established businesses maintain full regulatory compliance while optimizing financial operations for sustainable growth.
- Bilingual accounting services (English and Turkish)
- Full e-transformation compliance
- Expertise in international standards (IFRS, Turkish GAAP)
- Expertise in foreign investors
Since establishing our practice, we’ve specialized in serving international companies entering the Turkish market and domestic businesses seeking professional financial management. Our bilingual team combines deep knowledge of Turkish Commercial Code requirements with international accounting standards, ensuring your business meets all obligations while positioning for long-term success in one of the world’s most dynamic emerging markets.
Understanding Accounting Requirements in Turkey
The Turkish Accounting Framework
Turkey’s accounting system operates under a comprehensive legal framework that integrates national regulations with international best practices. The Turkish Commercial Code (TCC), Tax Procedure Law No. 213, and Turkish Accounting Standards (TAS) form the foundation of financial reporting requirements for all businesses operating in the country.
For foreign investors, understanding these requirements is critical from day one. The Turkish Commercial Code mandates that all companies maintain proper books of account, prepare annual financial statements, and undergo independent audits based on company size and structure. These requirements apply equally to foreign-owned entities and domestic companies, reflecting Turkey’s commitment to transparent financial practices.
Turkish Accounting Standards closely align with International Financial Reporting Standards (IFRS), facilitating easier consolidation for multinational corporations. However, significant differences exist in areas such as inflation accounting, depreciation methods, and revenue recognition. Our accounting services bridge these gaps, ensuring accurate financial reporting that satisfies both Turkish regulatory authorities and international parent companies.
Mandatory Digital Transformation: E-Invoice, E-Ledger, and E-Archive Systems
Turkey has emerged as a global leader in mandatory digital fiscalization, implementing one of the world’s most comprehensive electronic accounting systems. As of 2025, businesses operating in Turkey must comply with an integrated digital ecosystem that includes:
E-Invoice (E-Fatura) Requirements:
The e-invoice system mandates electronic invoicing for B2B transactions between registered taxpayers. All companies with annual turnover exceeding 5 million TRY must participate in this system. E-invoices use the UBL 2.1 Turkish standard format with digital e-seals, ensuring authenticity and preventing fraud. Each invoice requires proper alias numbers for sender and recipient identification within the GIB (Turkish Revenue Administration) portal.
E-Ledger (E-Defter) Obligations:
Since January 1, 2025, all balance sheet-based taxpayers must maintain electronic ledgers. This includes general ledgers, inventory ledgers, and journals submitted digitally to the Turkish Revenue Administration. The e-ledger system requires opening certificates at the start of each accounting period and closing certificates at year-end, with significant penalties for non-compliance including potential VAT deduction denials and tax assessment adjustments.
E-Archive Invoice (E-Arşiv Fatura) Compliance:
The e-invoice system mandates electronic invoicing for B2B transactions between registered taxpayers. All companies with annual turnover exceeding 5 million TRY must participate in this system. E-invoices use the UBL 2.1 Turkish standard format with digital e-seals, ensuring authenticity and preventing fraud. Each invoice requires proper alias numbers for sender and recipient identification within the GIB (Turkish Revenue Administration) portal.
E-Waybill (E-İrsaliye) System:
Companies transporting goods must issue electronic waybills documenting product movements. This system integrates with inventory management and VAT compliance, providing real-time tracking of supply chains and preventing tax evasion through undeclared inventory transfers.
Our accounting services include complete e-transformation implementation and management. We integrate certified software systems with your existing operations, ensuring seamless compliance with all GIB requirements while maintaining efficient workflow processes. Our technical expertise prevents common pitfalls such as improper digital certificate management, missed submission deadlines, and incorrect data formatting that can trigger audits and penalties.
Comprehensive Accounting Services for Turkish Operations
Monthly Accounting and Bookkeeping Services
Accurate, timely bookkeeping forms the foundation of successful business operations in Turkey. Our comprehensive monthly accounting services include:
We maintain complete books of account in accordance with Turkish GAAP and Uniform Chart of Accounts requirements. Every transaction receives proper classification, ensuring accurate financial reporting and audit readiness. Our systematic approach captures all business activities from sales and purchases to payroll, expenses, and banking transactions.
Monthly bank statement reconciliation identifies discrepancies, prevents errors, and ensures your financial records accurately reflect actual cash positions. We reconcile all business accounts, credit cards, and payment processor transactions, providing complete visibility into your financial position.
We track customer invoices, monitor payment collections, manage vendor bills, and ensure optimal cash flow timing. Our aging reports identify overdue accounts requiring collection action while maintaining positive vendor relationships through timely payment processing.
For product-based businesses, we maintain perpetual inventory records integrated with e-waybill systems. Our inventory accounting tracks cost of goods sold, identifies slow-moving stock, and ensures accurate valuation for financial statement purposes.
Receive comprehensive monthly financial reports including balance sheets, profit and loss statements, cash flow analysis, and key performance indicators. Our reports provide management insights for informed decision-making while maintaining full compliance with Turkish regulatory requirements.
Tax Compliance and Planning Services
Turkey’s tax system encompasses multiple obligations requiring expert navigation. Our tax services ensure full compliance while minimizing tax burden through legitimate planning strategies.
Turkey imposes a 25% corporate income tax rate on business profits (reduced to 20% for certain sectors and companies meeting specific criteria). We prepare accurate annual corporate tax returns, manage quarterly advance tax payments, and maintain proper documentation supporting all deductions and exemptions.
Standard VAT rate of 20% applies to most goods and services, with reduced rates of 1%, 10%, and 18% for specific categories. Our VAT services include:
- Monthly VAT return preparation and electronic submission
- Input VAT tracking and optimization for maximum credit recovery
- Export VAT documentation for zero-rated transactions
- VAT exemption management for qualifying activities
- Cross-border transaction compliance including reverse charge mechanisms
Turkish law requires withholding taxes on various payments including employee salaries, dividend distributions, interest payments, royalties, and service fees to non-residents. Rates vary from 0% to 35% depending on payment type and recipient status. We calculate, withhold, and remit all required taxes while preparing monthly declaration forms.
Businesses dealing in petroleum products, automobiles, tobacco, alcohol, and luxury goods must manage SCT obligations. We handle all reporting requirements and ensure proper collection and remittance of these indirect taxes.
Companies owning property in Turkey face annual property tax obligations. We manage property tax calculations, filing deadlines, and payment processing to prevent penalties and maintain good standing with municipal authorities.
Beyond compliance, we develop strategic tax planning approaches that legitimately reduce your tax burden. This includes structuring transactions for optimal treatment, utilizing available incentives and deductions, and timing income and expense recognition for tax efficiency.
Payroll Management and SGK Compliance
Managing employee compensation in Turkey requires navigating complex labor laws, social security obligations, and tax withholding requirements. Our comprehensive payroll services include:
Monthly Payroll Processing: We calculate gross-to-net salaries considering all allowances, bonuses, deductions, and statutory requirements. Our payroll system ensures accurate, timely payment processing while maintaining complete documentation for audit purposes.
Social Security Institution (SGK) Compliance: All employees and employers contribute to Turkey’s social security system. We handle:
- Monthly SGK premium calculations (employee contributions: 14%, employer contributions: 20.5% of gross salary)
- SGK declaration submission via e-social security portal
- New employee registration and termination notifications
- Work accident and occupational disease insurance administration
- Annual balance reconciliation with SGK records
Income Tax Withholding: Personal income tax operates on progressive rates from 15% to 40%. We calculate proper withholding amounts based on employee income levels, prepare monthly withholding tax declarations, and ensure timely remittance to tax authorities.
Employment Documentation: Maintain proper employment contracts, payroll registers, and personnel files meeting Turkish Labor Law requirements. We ensure all documentation supports audit requirements and protects against potential labor disputes.
Severance Pay and Termination Benefits: Calculate and accrue proper amounts for severance pay obligations, annual leave accruals, and other employment-related provisions required under Turkish law.
Financial Statement Preparation and Audit Support
Annual Financial Statement Preparation: Turkish Commercial Code requires all companies to prepare annual financial statements including balance sheet, income statement, cash flow statement, and statement of changes in equity. We prepare these statements in accordance with Turkish Accounting Standards and Turkish Financial Reporting Standards (TFRS), ensuring compliance with regulatory requirements and providing meaningful financial information for stakeholders.
Independent Audit Coordination: Companies exceeding size thresholds must undergo mandatory independent audits. We serve as your primary audit liaison, preparing requested schedules, responding to auditor inquiries, and ensuring smooth audit processes that minimize business disruption.
Consolidated Financial Reporting: For international parent companies, we prepare financial statements under both Turkish GAAP and IFRS, facilitating seamless consolidation into group reports. Our dual-reporting approach eliminates reconciliation delays and ensures accurate representation of Turkish operations in worldwide financial statements.
Interim Financial Reporting: Receive quarterly or semi-annual financial reports providing timely visibility into business performance. Interim reporting enables proactive management decisions and early identification of financial trends requiring attention.
Specialized Services for Foreign Investors
We understand the unique challenges foreign companies face when operating in Turkey.
International Accounting Standards Compliance
Foreign investors require accounting services that bridge Turkish requirements with international standards. Our specialized services include:
IFRS Reporting: Prepare financial statements under International Financial Reporting Standards, enabling direct consolidation into multinational group accounts without extensive reconciliation adjustments.
Transfer Pricing Documentation: Multinational companies conducting intercompany transactions must maintain proper transfer pricing documentation demonstrating arm’s length pricing. We prepare comprehensive transfer pricing studies, annual reports, and contemporaneous documentation supporting your pricing policies and protecting against tax authority challenges.
Permanent Establishment Considerations: Foreign companies operating in Turkey without formal incorporation may create permanent establishment tax obligations. We assess PE risk, advise on proper structuring, and manage compliance requirements for companies with PE status.
Double Taxation Treaty Benefits: Turkey maintains tax treaties with 86+ countries preventing double taxation of income. We identify applicable treaty benefits, prepare required documentation, and ensure proper application of reduced withholding rates on cross-border payments.
Investment Incentive Management
Turkey offers extensive investment incentives reducing operational costs for qualifying projects. Our services include:
Incentive Certificate Applications: Navigate the incentive application process through the Ministry of Industry and Technology’s E-TUYS system. We prepare comprehensive investment dossiers, financial feasibility studies, and supporting documentation maximizing approval probability.
General Investment Incentive Program: Access benefits including VAT exemptions on machinery and equipment purchases, customs duty exemptions on imported equipment, and corporate income tax reductions. We manage all compliance requirements ensuring continued eligibility throughout the incentive period.
Regional Investment Incentives: Investments in less-developed regions qualify for enhanced benefits including greater tax reductions, social security premium support, and energy cost discounts. We advise on optimal location selection considering incentive availability alongside operational requirements.
Strategic Investment Incentives: High-priority projects in sectors such as advanced technology, energy, pharmaceuticals, and automotive components access superior incentive packages. We structure investments to qualify for strategic status and maximize financial benefits.
R&D and Innovation Incentives: Companies conducting research and development activities benefit from substantial tax deductions and exemptions. We establish proper R&D project structures, maintain required documentation, and prepare Technopark/Technology Development Zone applications for maximum benefit realization.
Free Zone Operations: Companies operating in Turkish Free Zones enjoy complete corporate income tax exemption on revenues derived from zone activities, VAT exemption, and customs duty exemption. We advise on free zone establishment, manage zone compliance requirements, and optimize operational structures for maximum tax efficiency.
Industry-Specific Accounting Expertise
E-Commerce and Digital Business Accounting
Turkey’s booming e-commerce sector faces unique accounting requirements. Our services address:
Multi-Channel Revenue Recognition: Properly account for sales across multiple platforms (marketplace sales, direct e-commerce, social commerce) while managing platform fees, returns, and promotional discounts.
E-Archive Invoice Requirements: E-commerce companies exceeding 5 million TRY turnover must issue e-archive invoices for all online sales. We implement compliant invoicing systems integrated with your e-commerce platform.
Cross-Border Transaction Compliance: Manage VAT obligations for international sales, including EU distance selling thresholds and non-EU export documentation.
Payment Gateway Reconciliation: Reconcile multiple payment processors, foreign currency settlements, and transaction fees ensuring accurate revenue and expense recognition.
Real Estate and Construction Accounting
Real estate companies require specialized accounting addressing:
Project-Based Accounting: Track costs and revenues by individual development projects using percentage-of-completion or completed-contract methods as appropriate.
VAT on Construction Activities: Navigate complex VAT rules for construction services, including progress payment obligations and retention management.
Foreign Property Ownership Compliance: Foreign nationals purchasing Turkish real estate face specific tax obligations. We manage acquisition tax, annual property tax, and disposal documentation for foreign investors.
Manufacturing and Production Accounting
Manufacturing companies benefit from our expertise in:
Cost Accounting Systems: Implement job costing, process costing, or activity-based costing systems providing accurate product cost information for pricing and profitability analysis.
Inventory Valuation: Manage perpetual inventory systems, conduct periodic physical counts, and apply appropriate valuation methods (FIFO, weighted average) meeting Turkish standards.
E-Waybill Integration: Ensure complete integration between production systems, inventory records, and e-waybill requirements for seamless goods movement documentation.
Service Sector Accounting
Professional service firms require accounting services addressing:
Work-in-Progress Management: Track unbilled services, manage client billing cycles, and ensure proper revenue recognition timing for service delivery.
Professional License Compliance: Maintain proper accounting supporting professional license renewals and regulatory requirements for licensed professions.
Foreign Service Provider Regulations: Foreign companies providing services in Turkey face specific withholding obligations and registration requirements. We manage compliance preventing costly penalties.
Advanced Financial Management Services
Management Accounting and Business Advisory
Beyond statutory compliance, we provide strategic financial guidance supporting business growth:
Budgeting and Forecasting: Develop comprehensive annual budgets and rolling forecasts enabling proactive resource allocation and performance management.
Cash Flow Management: Optimize working capital through accounts receivable acceleration, accounts payable timing, and inventory optimization strategies. Our cash flow forecasting prevents liquidity crises and enables strategic investment planning.
Profitability Analysis: Identify profitable product lines, customer segments, and business units through detailed contribution margin analysis. Eliminate unprofitable activities and focus resources on high-return opportunities.
Key Performance Indicators (KPI) Tracking: Establish meaningful KPIs aligned with business objectives. Our dashboard reporting provides real-time visibility into critical metrics driving management action.
Scenario Analysis: Model financial impacts of strategic decisions including expansion plans, new product launches, pricing changes, or cost reduction initiatives. Our scenario planning supports informed decision-making reducing execution risk.
Corporate Restructuring and M&A Support
Companies undergoing organizational changes require specialized accounting support:
Merger and Acquisition Accounting: Manage financial due diligence, purchase price allocation, goodwill calculations, and post-merger integration accounting ensuring accurate consolidated financial reporting.
Corporate Restructuring: Navigate accounting requirements for entity transformations, spin-offs, asset transfers, and capital structure modifications. We ensure tax-efficient structuring while maintaining regulatory compliance.
Business Valuation: Prepare comprehensive business valuations for transaction purposes, inheritance planning, or partner buyouts using appropriate methodologies (DCF, comparable company analysis, asset-based approaches).
Why Choose Celikel CPA for Accounting Services in Turkey
Specialized Expertise in Turkish Regulations
Our team possesses deep knowledge of Turkish Commercial Code, Tax Procedure Law, and regulatory requirements. We navigate complex legislation efficiently, ensuring your business maintains full compliance while focusing on core operations.
Bilingual Service Delivery
Serving foreign investors requires effective communication in both Turkish and English. Our bilingual team eliminates language barriers, ensuring clear understanding of requirements, procedures, and financial reporting.
International Standards Integration
We understand multinational companies need Turkish operations integrated with global financial reporting. Our dual-standard expertise (Turkish GAAP and IFRS) facilitates seamless consolidation and eliminates reconciliation complexity.
Proactive Advisory Approach
Beyond transaction processing, we provide strategic guidance identifying opportunities for cost reduction, tax optimization, and operational improvement. Our proactive approach prevents problems before they occur rather than reacting to compliance failures.
Commitment to Client Success
Your business success is our priority. We invest time understanding your business model, industry dynamics, and growth objectives, delivering customized solutions supporting long-term success in the Turkish market.
Service Packages and Pricing
Every business is unique. We design customized service packages addressing specific industry requirements, organizational complexity, and reporting needs.
Contact us today for a detailed discussion of your requirements and personalized pricing proposal.
Frequently Asked Questions About Accounting Services in Turkey
What are the mandatory accounting requirements for companies operating in Turkey?
All Turkish companies must maintain proper books of account, prepare annual financial statements, implement e-invoice/e-ledger systems, and undergo independent audit if they exceed statutory size thresholds. Requirements vary based on company type, size, and industry sector.
How much do accounting services cost in Turkey?
Accounting service costs are tailored to your business, depending on factors like your company’s size, transaction volume, operational complexity, and the specific services you require.
The investment for foundational services suited for a growing business naturally differs from the comprehensive, in-depth support needed by a larger, established company. We provide customized proposals based on a thorough understanding of your specific requirements.
Can foreign companies operate in Turkey without a local accounting firm?
While legally possible, navigating Turkish accounting requirements without local expertise creates significant compliance risk. The e-transformation requirements, Turkish-language reporting obligations, and complex tax system make professional accounting support essential for foreign investors.
What penalties are imposed for accounting compliance violations in Turkey?
Non-compliance penalties range from moderate fines for minor violations to severe consequences for serious infractions. Late e-ledger submissions can trigger VAT deduction denials, back-tax assessments, and potential criminal liability. Penalties vary from thousands to millions of TRY depending on violation severity and company size.
How long does it take to implement e-invoice/e-ledger systems?
Implementation timeline depends on existing system complexity and business size. Simple implementations require 2-4 weeks, while complex integrations with existing ERP systems may require 2-3 months. We provide project management ensuring on-time, on-budget implementation.
Do you provide accounting services for specific industries?
Yes, we serve diverse industries including e-commerce, manufacturing, professional services, real estate, technology, healthcare, retail, and hospitality. Our industry-specific expertise ensures we understand unique requirements and challenges in your sector.
Can you help with company formation and initial setup?
Absolutely. We provide complete company formation services for foreign investors including entity selection, registration procedures, tax identification, bank account setup, and initial accounting system implementation. Our end-to-end support ensures smooth market entry.
What software systems do you work with?
We integrate with major accounting platforms including SAP, Oracle, Microsoft Dynamics, Netsis, Luca, Logo, Mikro, and other Turkish accounting software. We also implement cloud-based solutions like QuickBooks, Xero, and custom-built systems based on client preferences.
How do you ensure data security and confidentiality?
We maintain strict data protection protocols including encrypted communication channels, secure cloud storage, access controls, and regular backup procedures. Our team members sign confidentiality agreements, and we comply with GDPR and Turkish data protection regulations.
Can you represent our company before Turkish tax authorities?
Yes, as certified public accountants, we are authorized to represent clients before tax authorities during audits, appeals, and other official proceedings. We advocate for client interests while maintaining professional standards and regulatory compliance.
Contact Celikel CPA Today
Get in touch for details about our comprehensive accounting services tailored to your business needs. We’ll discuss your requirements, answer questions, and provide a customized service proposal.
This content is intended for general informational purposes and does not constitute professional accounting or tax advice. Specific situations require personalized consultation with qualified professionals. Celikel CPA provides customized guidance based on individual circumstances.