Art. 56 Tax Law (TL)

1 The taxable income is determined based on the income earned during the fiscal year.

2 The income from self-employed activity is determined based on the results of the business operations concluded during the fiscal year.

3 Taxpayers engaged in self-employed activities must close their accounts at each fiscal period, upon the cessation of their self-employed activities, as well as upon the end of their tax liability. Closing of the accounts is not mandatory when the self-employed activity only commenced in the last quarter.

4 The Government enacts the necessary implementing provisions.

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