Part 3 - Chargeability to Tax
Chapter 2 bis - Provisions Concerning the Determination of Taxable Income for Parties in Financial Islamic Transactions
Section 1 - Basic Rules
Article 76 bis 2
[GTL Notes: Disregarded Disposals and Acts]
The following disposals and acts shall not be taken into account- in the application of the provisions of this law - if it is proved that the only purpose of the conclusion of the disposition or doing the act is to comply with the provisions of Islamic Sharia without making any other financial transaction:
Establishing a partnership or a joint venture or concluding a partnership agreement of participation according to the principles contained in Article 4 of this law;
Disposing of capital or other asset by sale or exchange or waiver or other types of disposals set forth in Article 1 (item 17) or Article 77 (item 4) of this law;
Leasing of immovable or movable properties or the usufruct thereof.