Dünyada Sukukun Vergilendirilmesinde Yaşanan Gelişmeler ve Türkiye İçin Öneriler

Year 2018, Volume: 13 Issue: 2, 185 - 204, 15.08.2018

Ahmet Ulusoy Mehmet Ela

https://doi.org/10.17153/oguiibf.412241

Abstract

Henüz
yeni bir enstrüman olan sukukun vergilendirilmesine ilişkin birçok problem yer
almaktadır. Sukuk birçok varlık transferini bünyesinde barındırdığından, ek
vergiler ortaya çıkabilmekte ve sukuk geleneksel tahvile karşı vergisel açıdan
dezavantajlı bir konuma düşmektedir. Söz konusu vergi sorunlarını gidermeye
çalışan birçok ülke ise sukuka yönelik vergisel düzenlemelerde bulunmaktadır.
Vergisel düzenlemelerde bulunan ülkeler arasında şüphesiz Türkiye de yer
almaktadır. Ancak Türkiye’de sukukun vergilendirilmesi konusunda birtakım problemler
söz konusudur. Bu problemlerden en önemlisi ise Türkiye’deki vergisel
düzenlemelerin sadece ijara sukuka (kira sertifikası) yönelik olmasıdır. Bu
problem Türkiye’de sukuk piyasasının gelişimini engellerken, problemin
çözülmesi Türkiye’ye birtakım avantajlar sağlayabilecektir.

Keywords

Vergi, Sukuk, İslami Finans, Türkiye

Developments in Taxation of Sukuk in the World and Suggestions for Turkey

Abstract

As a niche instrument, sukuk has many obstacles about taxation. Because
of the fact that sukuk contains many asset transfers, additional taxes can be
levied and hence these additional taxes put sukuk at a disadvantage position as
compared with conventional bonds. Several different countries whose aim is to overcome
tax problems of sukuk have been making tax regulations about sukuk. There is no
doubt, one of these countries is Turkey. But there are still several problems
about taxation of sukuk in Turkey. One of these problems is that tax
regulations in Turkey contain only ijara sukuk but not other sukuk types. While
this problem hinders development of sukuk market in Turkey, solving the problem
can provide many advantages for Turkey.

Keywords

Tax, Sukuk, Islamic Finance, Turkey

References

• Kaynaklar
• Ahmad, Nursilah; Daud, Siti Nurazira Mohd; Kefeli, Zurina (2012), “Economic Forces and Sukuk Market”, Procedia-Social and Behavioral Sciences, Vol.65: 127-133.
• Ahmed, Khalil (2011), “Sukuk: Definition, Structure and Accounting Issues”, MPRA Paper, No. 33675.
• Alshamrani, Ali (2014), “Sukuk Issuance and its Regulatory Framework in Saudi Arabia”, Journal of Islamic Banking and Finance, Vol.2, No.1:305-333
• Al-Amine, Muhammad Al-Bashir Muhammad (2008), “Şukuk Market: Innovations and Challenges”, Islamic Economic Studies, Vol.15, No.2, pp.1-22.
• Al Elsheikh, Abdullah Abdullatef A. and Joseph Tanega (2011), “Sukuk Structure and its Regulatory Environment in the Kingdom of Saudi Arabia”, Law and Financial Markets Review, Vol.5, No.3: 183-200.
• Andri, Kadir and partners (t.y.), “The Future of Sukuk””, http://www.legal500.com/assets/images/stories/firmdevs/the_future_of_sukuk.pdf ,(Erişim: 10.11.2015).
• Chazi, Abdelaziz; Rao, Narendar V.; Syed, Lateef A.M. (2014), “Tapping Funds for Development: A Case for Sukuk Financing”, Journal of ıslamic Economics, Banking and Finance, Vol.10, No.3: 171-198.
• Chang, Jennifer (2011), “Tax Neutrality- The Way Forward for Islamic Finance”, Theedge Malaysia, pp.72, https://www.pwc.com/my/en/assets/press/101011-theedge-tax-neutrality.pdf, (Erişim: 10.11.2015).
• Clifford Chance (2013), “Hong Kong Takes Steps Towards Becoming a Centre for Islamic Finance”, Briefing Note, Summer 2013.
• Deloitte (t.y.), “Corporate Sukuk in Europe. Alternative Financing for Investment Projects”, https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/financial-services/me_Islamic-finance_corporate-sukuk-in-europe.pdf, (Erişim: 15.12.2015).Deloitte (20015), “Islamic Finance at Deloitte. No Interest… But Plenty of Attention”, https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/financial-advisory/lu_en_islamicfinance_01072014.pdf, (Erişim: 15.12.2015).
• Drummond, Shaun (2013), “Islamic Bonds Find Favour in Australia”, Australian Financial Review, http://www.afr.com/news/policy/foreign-affairs/islamic-bonds-find-favour-in-australia-20130326-j79qg, (Erişim: 20.12.2015).
• El Shazly, Mona R. and Pragya Tripathy (2013), “Sukuk Structures, Profiles and Risks”, Columbia College. http://abeweb.org/proceedings/Proceedings13/El%20Shazly.pdf, (Erişim: 12.05.2015).
• E&Y (2012), “Günümüzün Gözde Finansman Aracı: Sukuk”, http://www.tkbb.org.tr/Documents/OnemliBasliklar/sukuk%20makalesi8.pdf, (Erişim: 15.12.201).
• E&Y (2013), “Hong Kong Enacts New Law to Promote İnvestment in Islamic Bonds”, http://www.ey.com/GL/en/Services/Tax/International-Tax/Alert--Hong-Kong-enacts-new-law-to-promote-investment-in-Islamic-bonds, (Erişim: 20.012.2015).
• Euronext (2009), “Debt Markets- The Euronezt Paris Sukuk Segment”, http://www.paris-europlace.net/files/NYX_Debt%20Markets_Sukuk_UK.pdf, (Erişim: 20.012.2015).
• Mohammed, Naveed (2015), “Turkish Sukuk Borrowing Rate Jumps 2.16%”, https://www.sukuk.com/article/turkish-sukuk-borrowing-rate-jumps-2-16-4573/, (Erişim: 01.08.2015).
• Godlewski, Cristophe J.; Turk-Ariss, Rima; Weill, Laurent (2013), “Sukuk vs. Conventional Bonds: A Stock Market Perspective”, Journal of Comperartivr Analysis, Vol.41, No.3: 745-763.
• HM (2013), “Kamu Borç Yönetimi Raporu”, https://www.hazine.gov.tr, (Erişim: 20.08.2015).
• HM Revenue and Customs (2015a), “ERSM20191- Employment-Related Securities and Options: Altenative Finance Investment Bond: Islamic Finance Bond or ‘Sukuk’”, https://www.gov.uk, (Erişim: 30.12.2015).
• HM Revenue and Customs (2015b), “CFM44240- Deemed Loan Relationships: Alternative Finance: Tax Tre-atment of ‘Bond Assets’”, https://www.gov.uk, (Erişim: 30.12.2015).
• Iqbal, Zamir (2015), “Contribution of Western Institutions to Islamic Finance”, http://www.borsaistanbul.com/docs/default-source/research/zamir-iqbal-iifec-2015-sunum.pdf?sfvrsn=6, (Erişim: 21.12.2015).
• Kaplan, Ersin (2012), “Varlık Kiralama İşlemleri ve Vergisel Durumu”, Vergi Dünyası, S.366: 146-151.
• Karimzadeh, Majid (2012), “Role of Sukuk in Islamic Capital Market: Experience of Iran (1994-2011)”, Arabian Journal of Business and Management Review (OMAN Chapter), Vol.1, No.7: 94-105.
• Khan, Tariqullah; Elsiefy, Elsayed; Kyoung, Lee Eun (2015), “Legal and Regulatory Issues in Issuing Sukuk in South Korea Lessons from Developed Countries’ Experience”, http://swfa2015.uno.edu/G_Islamic_Finance_I/p201.docx, (Erişim: 02.01.2016).
• Koçak, Sefa (2012), “Sukuk: Çeşitleri, Piyasası ve Ülkemizdeki Gelişimi”, Vergi Sorunları, S.283: 177-186.
• KPMG (2009), “Development an Islamic Bond Market in Hong Kong. What are the tax Implications?”, https://www.kpmg.com, (Erişim: 22.01.2016).
• KPMG (2012), “The Taxation Treatment of Islamic Finance in Canada”, https://www.kpmg.com, (Erişim: 22.01.2016).
• Kusuma, Ketut Ariadi; Silva, Anderson Caputo (2014), “Sukuk Markets A Proposed Approach for Develop-ment”, World Bank Policy Research Working Paper, No. WPS7133.
• Latham &Watkins (t.y.), “The Sukuk Guidebook: A Guide to Structuring Sukuk”, https://www.lw.com, (Erişim: 15.07.2015).
• Mohieldin, Mahmoud (2012), “Realizing the Potential of Islamic Finance”, The Wold Bank Economic Premise, No.77.
• Nisar, Shariq (2007), “Islamic Bonds (Sukuk): Its Introduction and Application”, www.iefpedia.com, (Erişim: 08.03.2016).
• Oladunjoye, Majeed Oladele (2014), “Sukuk as a Tool for Infrastructural Development in Nigeria”, Journal of Islamic Banking and Finance, Vol.2, No.1: 335-344.
• Perera, Suresh Ivan (2015), “Sukuks- The Emerging Trend in Islamic Finance”, Islamic Finance Today, http://www.iftmagazine.com, (Erişim: 10.01.2016).
• PWC (2012), “Islamic Finance. Tax Considerations Around the World”, http://www.pwc.com/my/en/publications/islamic-finance-tax-booklet.html, (Erişim: 15.01.2016).
• PWC (2013), “Tax Legislation Promoting İslamic Finance Was Enacted”, Issue 9, http://www.pwccn.com/webmedia/doc/635106872734410986_hktax_news_jul2013_9.pdf, (Erişim: 15.01.2016).
• RAM (2014), Sukuk Focus. Sukuk and Taxation: The Road to Liberalisation, Kuala Lumpur: RAM Ratings Servi-ces.
• Rauf, Ahmet Lebbe Abdul (2013), “Emerging Role for Sukuk in the Capital Market”, South Asia Journal of Contemporary Business, Economics and Law, Vol.2, No.2: 41-45.
• Reuters (2016), “Pakistan Grants Tax Neutrality for Sukuk Deals”, https://www.reuters.com/article/us-pakistan-sukuk/pakistan-grants-tax-neutrality-for-sukuk-deals-idUSKCN11A07P, (Erişim: 28.03.2018).
• Sarıçiçek, Hasan (2011), “Kira Sertifikaları, Varlık Kiralama Şirketleri ve 6111 Sayılı Kanun Kapsamında Getiri-len Vergi Düzenlemeleri”, Vergi Dünyası, S.360: 179-183.
• Sarkın Şahin, Figen (2014), “Sukuk (Kira Sertifikaları) ile İlgili Sermaye Piyasası Mevzuatında Yapılan Yeni Düzenlemeler”, Vergi Dünyası, S.390: 25-30.
• Saripudin, Khairun Najmi; Mohamad, Shamsiah; Razif, Nor Fahimah Mohd; Abdullah, Luqman Haji; Rahman, Naemah Abdul (2012), “Case Study on Sukuk Musharakah Issued in Malaysia”, Middle-East Journal of Scientific Research, Vol.12, No.2: 168-175.
• Securities & Exchange Commission of Pakistan (2016), “Government Grants Tax Neutrality to Sukuk”, https://www.secp.gov.pk/wp-content/uploads/2016/09/Government-grants-tax-neutrality-to-sukuk.pdf, (Erişim: 20.03.2018).
• Stevens, Simon (2013), “Islamic Bonds Go Mainstream. SpecialUpdate. (Part 1)”, Infrastructure Journal, October 2013, http://www.chadbourne.com/files/Publication, (Erişim: 06.06.2015).
• Ulus, Sabri (2013), “Fixed Income Investment (Sukuk) in Islamic Finance”, Afro Eurasian Studies, Vol.2, No.1&2: 298-305.
• Ulusoy, Ahmet; Ela, Mehmet (2015), “Türkiye’de Sukuk Sertifikalarının Kamu Finansmanında Kullanımı: Genel Bir Değerlendirme”, International Congress on Islamic Economics and Finance, 21-23 October 2015, Sakarya-Turkey.
• Zakaria, Nor Balkish; Isa, Mohamad Azwan Md; Abidin, Rabiatul Alawiyah Zainal (2012), “The Construct of Sukuk, Ratingh and Default Risk”, Procedia-Social and Behaviorial Sciences, No.65: 662-667.
• Zin, Mohamad Zaid Mohd; Sakat, Ahamad Asmad; Ahmad, Nurfahiratul Azlina; Nor, Mohd Roslan Mohd; Bhari, Azri; Ishak, Saurdi; Jamain, Mohd Sapawi (2011), “The Effectiveness of Sukuk in Islamic Finance Market”, Australian Journal of Basic and Applied Sciences, Vol.5, No.12: 472-478