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Payroll Made Simple In Turkey
Payroll processing and reporting in Turkey is easy when you have the right local expertise.
Itís possible to have an employment contract in any convertible currency in Turkey. That, along with the ability to negotiate your salary terms in net or gross taxes is very appealing for employees. Also, as payroll taxes are deducted at source and paid on a monthly basis, personnel (with no other sources of income) are spared the headache of annual filings.
However, these advantages can make Turkish payroll processing quite challenging and time-consuming for companies due to the conversions, calculations and timings required. Turkish legislation also specifies that payroll processing should be carried out separately for each workplace, so, if your business operates in five cities, five separate payrolls and relevant social security filings must be submitted.
One of our clients with 100 staff members was previously using a different third party provider in each city they operated in, and their HR department was struggling to consolidate all of the separate payroll information that was coming in. Our HR and payroll experts in Istanbul were able to introduce some much-needed streamlining. We appointed a key contact to collate the payroll information from each office for the clientsí HR department after our team processed it centrally.
This solution significantly reduced the administrative time for the client, and brought further efficiencies through their ability to communicate individual office payroll requirements to us; their sole provider.
When it comes to managing payroll in Turkey, itís important to find a local partner who has not only adequate reach, but also the right processing system and accounting expertise to accommodate even the most complex of reporting requirements. At TMF Group, our experts work with your back office to create a bespoke solution that allows you to focus on your core business.