Turkey's Revenue Administration has announced the publication of Tax Procedure Law Circular 145, which clarifies the determination of ultimate real beneficiaries (beneficial owners) in accordance with Article 5 of General Communiqué No. 529. The General Communiqué, published in July 2021, regulated the determination of ultimate real beneficiaries (beneficial owners) of corporate taxpayers, collective companies, limited partnerships, ordinary partnerships, and trusts, as well as their notification to the Revenue Administration. The Circular reiterates that for legal entities, ultimate real beneficiaries include: Natural persons holding more than 25% of the legal entity; The natural person or persons who ultimately control the legal...