Decree-Law 115/2026 renames the expertise report in North Cyprus balance sheet regularisation the Real Estate Valuation Report (Gayrimenkul Değerleme Raporu) (Articles 2 and 3).
What Changed Compared with Decree 92/2026?
Decree-Law 115/2026 (Official Gazette No. 193, 2 October 2026) amends Decree-Law 92/2026 on balance sheet regularisation (Official Gazette No. 151, 14 August 2026) to correct inadvertent (sehven) errors in its definitions (General Reasoning). A valuation expert (Değerleme Uzmanı) is no longer a valuer registered as "Değerlemeci" with the Cyprus Turkish Association of Valuation Experts (Kıbrıs Türk Değerleme Uzmanları Birliği) but a person authorised by the Central Bank of the TRNC (KKTC Merkez Bankası) and registered as a valuation expert (Article 2). The expertise report (Ekspertiz Raporu) becomes the Real Estate Valuation Report, definition unchanged, including in Article 5(1)(B) (Articles 2 and 3). It took effect on 2 October 2026 and lapses with Decree-Law 92/2026 (Article 4). Rates and the three-month application period are unchanged.
| PROVISION | 92/2026 (OLD) | 115/2026 (NEW) | SOURCE |
|---|---|---|---|
| Definition of valuation expert (Değerleme Uzmanı) | Persons who will value a property, a property project or rights and benefits attached to a property, registered as "Değerlemeci" with the Cyprus Turkish Association of Valuation Experts | Persons authorised by the Central Bank of the TRNC to value a property, a property project or rights and benefits attached to a property, and registered as "Değerleme Uzmanı" | 92/2026, Art. 2; 115/2026, Art. 2 |
| Name of the report | Expertise report (Ekspertiz Raporu) | Real Estate Valuation Report (Gayrimenkul Değerleme Raporu); definition unchanged: a report showing that the probable value of an asset at a given date has been assessed independently and impartially | 92/2026, Art. 2; 115/2026, Art. 2 |
| Article 5(1)(B) — document attached to the declaration | An expertise report prepared by the valuation expert, or supporting evidence where an expertise report cannot be provided | A Real Estate Valuation Report prepared by the valuation expert, or supporting evidence where a Real Estate Valuation Report cannot be provided | 92/2026, Art. 5(1)(B); 115/2026, Art. 3 |
| Article 5(1)(B) — start of the period | "from the date this Decree enters into force" | "from the date this Law enters into force" | 92/2026, Art. 5(1)(B); 115/2026, Art. 3 |
Unchanged:
- The definitions of "Daire" (the Revenue and Tax Office), market value (Rayiç Bedel: the normal purchase and sale value of inventory and economic assets on the valuation date) and economic assets (Ekonomik Kıymetler: assets used in the business with a useful life of more than one year, recorded as land and plots, underground and surface installations, buildings, plant, machinery and equipment, vehicles, fixtures and fittings, and investments in progress) (Decree-Law 115/2026, Article 2).
- The rest of Article 5(1)(B): declaration to the Revenue and Tax Office at market value in Turkish Lira; entry in the statutory books under the Tax Procedure Law as of the declaration date; the obligation to document the existence of the assets so recorded with supporting evidence; and, for taxpayers keeping books on the balance sheet basis, entry in a special fund account opened on the liabilities side (Decree-Law 115/2026, Article 3).
- Article 5(1)(A) on inventory and Article 5(2), (3), (4), (5) and (6) (Decree-Law 92/2026, Article 5).
- Rates: 3% tax on inventory regularisation, 1% tax on economic asset regularisation and 3% VAT on inventory decreases (Decree-Law 92/2026, Article 6(1), (2) and (3)).
- Application within three (3) months from the decree's entry into force, with the amounts paid upfront (peşin) on the application date; that period began on 14 August 2026 (Decree-Law 92/2026, Articles 7(2) and 12).
- Loss of the benefit for taxpayers who (A) do not apply in time or do not pay the taxes assessed, (B) do not allow assessment and accrual to be carried out properly, (C) do not act within the application, return or notification periods, or (Ç) refuse the Office's actions and create a dispute; taxes collected from them are not refunded or set off against other taxes or years (Decree-Law 92/2026, Article 7(3)).
- No set-off or refund of tax previously withheld or of VAT previously deducted; the taxes paid cannot be deducted as an expense, set off against other taxes or reclaimed; and VAT carried forward cannot be deducted from the VAT calculated under the decree (Decree-Law 92/2026, Articles 8(1), 8(2), 9(1) and 9(2)).
What This Means in Practice
- Property and construction businesses: from 2 October 2026, land, plots and buildings declared at market value need a Real Estate Valuation Report prepared by a Central Bank-authorised and registered valuation expert (Decree-Law 92/2026, Article 5(1)(B); Decree-Law 115/2026, Articles 2 and 3).
- Other businesses applying for regularisation: the supporting-evidence route where a report cannot be provided is retained, and the three-month period that began on 14 August 2026 keeps running (Decree-Law 92/2026, Article 7(2)).
- In practice, only persons authorised and registered by the Central Bank of the TRNC may prepare the report; how they are authorised and registered is not set out in the Decree.
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