Navigating the intricate fiscal requirements in some countries can be a challenging task for businesses of all sizes. The Turkish tax system is known for its complexity and constantly evolving regulations. However, MYPOS Connect has successfully helped clients in overcoming these challenges and achieving greater fiscal compliance.
In this blog, we'll explore how our tailored POS solutions made a significant impact on our client's business in Turkey.
Understanding Turkey's Fiscal Requirements
Before diving into the client's success story, let's briefly outline some of the key fiscal requirements in Turkey:
1. Value Added Tax (VAT): Turkish tax regulations apply a standard VAT rate of 20%, with reduced rates of 1% & 8% for specific goods and services. Maintaining correct VAT records is essential.
2. E-Invoicing: Turkey has implemented e-invoicing, making it mandatory for certain businesses to issue electronic invoices and submit them to the Turkish Revenue Administration.
3. E-Archive Invoice: Like e-invoicing, an e-archive invoice is required for certain transactions. It ensures that both parties have an official record of the transaction.
4. Electronic Bookkeeping: Businesses must maintain electronic records of their financial transactions and submit regular electronic books to tax authorities.
5. Withholding Tax: Withholding taxes are applicable on various payments, such as salaries, rent, and dividends, and businesses must ensure proper withholding and reporting.
Client Success Story
Our client, a large retail business operating Worldwide and venturing into Turkey, faced numerous challenges in adhering to these fiscal requirements. They were struggling with manual processes and outdated point of sale systems that made compliance a tedious and error-prone task.
Here's how MYPOS Connect helped them streamline their fiscal compliance:
1. E-Invoicing and E-Archive Integration: We integrated our POS system with the client's Ingenico Fiscal payment device to automatically generate compliant receipts for each transaction. This reduced errors and ensured compliance with Turkish tax regulations.
2. Real-time Reporting: Our POS system allowed the client to generate real-time reports on VAT calculations and withholding taxes. This significantly eased the burden of periodic reporting and eliminated the risk of inaccuracies.
3. Secure Data Storage: We ensured the secure storage of transaction data in compliance with Turkish regulations, helping the client maintain electronic records as required.
4. Staff Training: We provided comprehensive training to the client's staff, ensuring they were proficient in using our POS system and understanding the fiscal requirements in Turkey.
5. Customization: We tailored our POS software to meet the specific needs of the client's business, ensuring a seamless and efficient process.
Results
As a result of MYPOS Connect's EPOS Solution, our client experienced the following benefits:
1. Reduced Compliance Risks: The automation of fiscal processes significantly reduced the risk of errors and non-compliance.
2. Time and Cost Savings: The streamlined processes saved the client valuable time and resources that could be reinvested in their core business operations.
3. Improved Financial Transparency: Real-time reporting and secure data storage enhanced transparency, making it easier to manage their financial records.
Conclusion
In the face of complex fiscal requirements in Turkey, MYPOS Connect was able to empower the client to not only meet regulatory demands but also improve the efficiency and accuracy of their operations. We believe that a tailored POS solution can make a world of difference for businesses looking to thrive in the global market while maintaining fiscal compliance. If your business faces similar challenges, don't hesitate to reach out to us – we're here to help you succeed.