Abstract:

Lease certificate is a capital market instrument issued by asset leasing companies to finance all kinds of assets and rights that provides their owners income in accordance with their shares. Asset leasing companies, in comparison, are companies that issue lease certificates in return to the immovable properties and other assets they take over. The taxation of the incomes provided by lease certificates have different practices depending on whether they are issued within the country or abroad. For the incomes derived from the lease certificates that are issued within the country, tax withholding applies as per the provisional article 67 of the Income Tax Code. As for the incomes derived from the lease certificates which are issued abroad, the income is to be taxed differs between limited and unlimited taxpayers to the extent of income tax and corporate tax in terms of general principles. Incomes of asset leasing companies are subject to corporate tax and there are extensive tax exemptions in the Corporate Tax Code for the acquisition of immovable properties for the issue of lease certificates. In this work, the lease certificates are viewed in terms of the taxation of incomes, income tax and corporate tax after the legal character of the lease certificates are examined in regards to the Capital Market Code. 

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