Taxation and accounting in construction, contract and restoration services that cover more than one year

Investments are the main element for developing countries. Investing in certain sectors of countries determines the level of comfort and quality of life.With taking important steps on way of European Union, our country has developments in many sectors. Construction sector also gets share from these developments. There are increases in building necessity because of immigrations to the cities that have more employment opportunities.According to our taxation system, construction consists of private construction and contract progress construction. Because they have different features construction, conract and restoration services that cover more than one year are subjected to a private taxation system.The first part of this study consists of construction, contract and restoration services, basic concepts, prosess followed in constuction contracts, surety in construction, contract and restoration services and accounting practices for construction in some foreign countries.In the second part, start date, end date, withholding, value added tax, stamp tax, pre-paid corporate tax, foreign-based taxation, construction and restoration services abroad, determining profit-loss, direct costs, common general overhead, amortization and specific accounts for construction, contract and restoration services is defined.In the final part, a sample of conctruction, contract and restoration services that covers more than one year that the firm committed is presented, at the end of period allocation of common general overhead and amortization and recognition of revenue or loss are made.