In 2024, the Ministry of Finance determined that taxpayers underreported approximately 160 billion lira of taxable income. As a result, it is expected that thousands of businesses will be penalized with an 80 billion lira fine. The Tax Inspection Board of the Ministry of Treasury and Finance found that many businesses underreported their taxable income last year. According to the Board’s data, tax inspections conducted last year revealed that 78,187 taxpayers from various sectors underreported a total of 159.8 billion lira of taxable income. Consequently, tax inspections were carried out in sectors ranging from education to manufacturing, construction to culture and arts, information and communication to agriculture. MANUFACTURING ON TOP The sector with the highest difference in reported income following inspections was manufacturing, with approximately 43.9 billion lira, followed by wholesale and retail trade, and repair of motor vehicles and motorcycles at 43.3 billion lira. It was also found that taxpayers in financial and insurance activities underreported over 25.3 billion lira of taxable income. Among the sectors where taxpayers underreported their income, construction ranked fourth with approximately 9.9 billion lira, followed by real estate activities in fifth place with 6.2 billion lira. EXPECTED 80 BILLION LIRA PENALTY Last year, it is expected that taxpayers will be penalized with over 80.4 billion lira in fines, with wholesale and retail trade, and repair of motor vehicles and motorcycles ranking first among sectors. The estimated penalty amount for taxpayers in this sector exceeded 37.1 billion lira. Thus, the expected penalty amount for the sector accounted for nearly half of the total. The requested tax amount (tax debt) for taxpayers in this sector also approached 15.8 billion lira. While a penalty of 18.6 billion lira was proposed for the manufacturing sector, the requested amount was 9 billion lira. In the construction sector, approximately 6.1 billion lira in fines was proposed, and for financial and insurance activities, 4.8 billion lira in penalties were suggested, with requested tax amounts of 2.8 billion lira and 4.6 billion lira, respectively.