The Treasury identified that taxpayers underreported approximately 160 billion liras in tax assessments for the year 2024. As a result, it is anticipated that 80 billion liras in penalties will be imposed on thousands of businesses. The Tax Inspection Board of the Treasury Department found that numerous businesses underreported their tax assessments last year. According to the Board’s data, tax inspections conducted last year revealed that 78,187 taxpayers from various sectors underreported their tax assessment by a total of 159.8 billion liras. Consequently, tax examinations were carried out in sectors ranging from education to manufacturing, construction to culture and arts, information and communication to agriculture. MANUFACTURING LEADS THE WAY Among the sectors with the highest differences in tax assessments, manufacturing took the lead with approximately 43.9 billion liras, followed by wholesale and retail trade of motor vehicles and motorcycles at 43.3 billion liras. Subsequently, taxpayers in finance and insurance activities were found to have underreported over 25.3 billion liras in tax assessments. Among the sectors where taxpayers underreported their tax assessments, construction ranked fourth with around 9.9 billion liras, while real estate activities came fifth at 6.2 billion liras. EXPECTING AN 80 BILLION LIRA PENALTY Last year, it was anticipated that taxpayers would receive penalties exceeding 80.4 billion liras, with wholesale and retail trade of motor vehicles and motorcycles leading the way compared to other sectors. The projected penalty amount for taxpayers in this sector exceeded 37.1 billion liras, making up nearly half of the total. The requested tax amount (tax liability) for taxpayers in this sector also approached 15.8 billion liras. While a penalty of 18.6 billion liras was recommended for the manufacturing sector, the requested amount was 9 billion liras. In the construction sector, approximately 6.1 billion liras, and in finance and insurance activities, 4.8 billion liras in penalties were recommended, with tax liabilities requested for these sectors recorded at 2.8 billion liras and 4.6 billion liras, respectively.