March is a crucial month for CFOs in Turkey as they deal with quarterly closing, tax reporting, and financial forecasting. This period requires efficient data collection, accuracy checks, and risk minimization to ensure compliance and avoid financial penalties.

Key Reporting and Tax Obligations in March 2025

1. Closing of Q1 2025

  • Preparation of quarterly financial statements in accordance with IFRS, TFRS, and BOBI FRS.

  • Budget performance analysis and financial forecast revisions.

  • Consolidation of financial statements for holding companies and multinational groups.

2. Annual Corporate Tax Reporting for 2024

  • Corporate Tax Declaration (Kurumlar Vergisi Beyannamesi) – due by the end of April, but preparation and reconciliation start in March.

  • Ensuring tax calculations align with accounting records.

  • Preparation of financial statements for potential tax audits.

3. VAT Reporting (KDV Beyannamesi) for February

  • VAT declarations are submitted monthly – the deadline for February is March 26.

  • CFOs must ensure accurate input and output.

  • VAT calculations to optimize tax liability.

4. Payroll Taxes and Social Security Contributions (SGK & Gelir Vergisi)

  • Reporting on payroll taxes and insurance contributions – due by March 25.

  • Compliance with any recent tax rate adjustments.

5. ESMM (Electronic Invoices) and e-Defter (Electronic Ledger Reporting)

  • Companies must submit electronic ledger records by March 15.

  • CFOs must ensure data accuracy to avoid penalties.

Key Challenges CFOs Face in March

Time constraints for quarterly financial closing

  • Large data volumes require automation and verification.

  • Manual errors can result in financial misstatements or penalties.

Difficulties in consolidating financial reports for holding companies and group structures

  • Different accounting systems complicate unified reporting.

  • CFOs spend excessive time reconciling discrepancies.

Risk of tax miscalculations and potential penalties

  • Frequent tax law changes require close monitoring.

  • Discrepancies across financial reports may trigger audits.

Cash flow visibility and liquidity management

  • CFOs need to forecast cash shortages to prevent financial strain.

  • Inflationary pressures make cash flow control more critical than ever.

How 1C:Perform Supports CFOs in March

Automated financial reporting for Q1

  • Generates IFRS and local GAAP reports without manual effort.

  • Consolidates financial data from multiple systems into a single platform.

Flexible budgeting and variance analysis

  • Allows CFOs to quickly adjust the 2024 financial plan.

  • Provides real-time visualization of budget deviations.

Cash flow forecasting and liquidity control

  • Helps CFOs to generate a monthly CF report

Seamless consolidation of financial reports for holdings and group structures

  • Integrates data from multiple accounting systems into a unified reporting platform.

  • Automates reconciliation processes, reducing manual effort and minimizing errors.

  • Provides a consolidated financial view in real time, ensuring accurate and timely reporting.

Conclusion

March is a high-pressure month for CFOs in Turkey, as they must close Q1, meet tax deadlines, and adjust budgets. 1C:Perform simplifies the process by automating financial reporting, improving cash flow management, and reducing tax risks, allowing CFOs to focus on strategic financial decision-making.