Who will be favored at horse racing – Real

Sözcü newspaper writer Nedim Türkmen wrote a remarkable article entitled “VAT will be reset in horse racing”.

Nedim Türkmen pointed out that horse racing games transferred to Turkey Wealth Fund will be privatized like the National Lottery, and said that VAT will also be reset after privatization. “To date, an annual income of TL 7 billion is obtained from horse racing and a monthly contribution of TL 300 million is provided to the state through VAT, gambling tax and other deductions. Turkey Wealth Fund will require a revenue guarantee of at least TL 200 billion for a period of ten years in the service purchase agreement it will enter into regarding horse racing. In this case, the value added tax, abandoned ten years ago, will be 36 billion lire. used the sentences.

Nedim Turkmen ended his summer with the words of Mustafa Kemal Atatürk.

Here is Turkmen’s article:

“Billions of value added tax lire will be abolished in horse racing, which should be privatized like the Milli lottery in a short time.

With Decree-Law No. 680 published in the repetitive Official Gazette of January 6, 2017, the right to organize horse races in the country for 49 years from January 1, 2018 and to accept joint domestic and foreign bets on horse races held in the Turkish Wealth Fund (TVF) powers-related licenses were transferred to the Turkish Wealth Fund (TVF).

Turkey Wealth Fund launched the bidding process for horse racing betting acceptance license on November 6, 2019.

OPERATING PERIOD

In this process, TVF is working with Turkish Development and Investment Bank AŞ (TKB) and EY Turkey (Ernst & Young) as financial advisors and Lexist Law Firm as legal advisors.

Turkey Wealth Fund Managing Director Zafer Sönmez issued a statement to Hazal Ateş of Calendar newspaper on June 11, 2020, stating that they will not sell horse races whose licenses have been transferred to the fund for 49 years, and said: “We have not sold the National Lottery, we will not sell horse racing. We entrust its operation only to the private sector. I’m a villager, a field boy, you can say that in the sense of “letting go”. The land is yours, someone runs it on your behalf.

Noting that $5 billion in value was created with the National Lottery tender, Sönmez said, “75,000 people work in stud farms. It feeds a population of 600,000 people with their families. There is great public awareness. There are unregistered bets of more than 40-50 billion lira, maybe twice as much. Licenses must belong to the state, as well as the jockey license. With this model, the black market, leakage of losses will be avoided. We anticipate that this work will be done with a commitment to professional service and a commitment to revenue.”

FIRST QUARTER 2021

Zafer Sönmez, Managing Director of Turkey Wealth Fund, also on BloombergHT on December 1, 2020, “Horse racing is important to us. Two licenses were transferred to us there. We are very close to kicking off the process. I guess it will be a process where we open the data room in December and if we can catch up at the end of the first quarter of 2021, we will do the tender.

A MINIMUM OF 36 BILLION TL IN VAT WILL BE AVOIDED…

In the first quarter of next year, it is clear that horse racing will be outsourced to the private sector for 10 years, like the Milli Lottery, with a “service procurement model with guaranteed revenue”, as put it. announced the mouth manager. Since the license remains in the Turkey Wealth Fund; With Article 17/4-i of the Value Added Tax Law, “the assets and rights are transferred to Turkey Wealth Fund and its sub-funds, and these assets and rights are transferred to Türkiye Varlık Vakfı Yönetim A.Ş. Value Added Tax will be reset based on the provision “Deliveries and services performed by the management of the Company are exempt from VAT”.

To date, an annual income of TL 7 billion is obtained from horse racing and a monthly contribution of TL 300 million is provided to the state through VAT, gambling tax and tax. other deductions.

Turkey Wealth Fund will require a revenue guarantee of at least TL 200 billion for a period of ten years in the service purchase agreement it will enter into regarding horse racing. In this case, the value added tax, abandoned ten years ago, will be 36 billion lire.

Since the contracts entered into take the form of revenue commission payments to the winning firms, rather than trying to conceal the fact that by reducing the 18% value added tax rate to zero, the same rate but higher sums of money will be earned through increased income, giving work to those who have the formula to increase income without giving up value added tax will be in line with your duty to ensure the public interest.

“The rulers were brought to power not to rule, but to serve the nation. If they abuse their duty to the nation, they will somehow suffer the decision of the national will towards them. Those who are authorized by the nation to govern the state on behalf of the nation must know that they are accountable to the nation when necessary.

Mustafa Kemal Ataturk”

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