Tax Advisory

Can a company operating off the books get bank credit in Turkey?

It can, but on far worse terms. Banks set the credit limit and the interest rate from declared turnover, equity and profitability. A company running part of its business off the books has a balance sheet describing a much smaller business than it actually is, so it faces lower limits, higher rates and heavier collateral requirements.

Read the full article: The Business Owner Who Wants to Pay Tax: What Informality Really Costs in Turkey →