Articles

02 February 2017

New type of work permits in Turkey: Turquoise Card and International Labour Law

The Law on International Labor Force which came into force on August 13, contains important changes for work permits system in Turkey for foreigners. The new law regulates foreigners’ entry into the Turkish labor market in a more extensive and disciplined way. Although there is no significant change in terms of work permit/visa procedures, some flexibilities for specific categories of professions are introduced in different sections of the new law.

26 January 2017

Project Based Incentives for the investments in Turkey

Turkey’s Parliament has enacted a Law on Supporting Project Based Investments. The Law has been published in the Official Gazette. The Law has authorized the Council of Ministers to grant incentives for project-based investments. A decision from Council of Ministers regarding project based investments has been published in the Official Gazette. The decision has clarified the principles and procedures regarding project-based incentives.

13 December 2016

Turkish & Dutch Participation Exemption Regimes For Domestic Subsidiaries on Capital Gains

Turkish Participation Exemption For Domestic Subsidiaries, Dutch Participation Exemption For Domestic Subsidiaries

01 December 2016

COMCEC Ministerial Session convened with a focus on Islamic finance

The 32nd Ministerial Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC), an intergovernmental body affiliated with the Organization of Islamic Cooperation (OIC) was held at Istanbul Congress Center from November 21 to 24, 2016 under the auspices of the President of the Republic of Turkey with the attendance of 57 member and 5 observer government delegations.

22 November 2016

All obstacles before Islamic finance to be lifted

Stating that the overall market value of companies registered with Istanbul Stock Exchange totals approximately 600 billion liras, Deputy Prime Minister Nurettin Canikli revealed the Government plans to lift current administrative and economic obstacles before Islamic finance to further deepened Turkish financial markets by attracting a bigger proportion of international funds that seek a stable and secure place.

22 November 2016

‘New generation’ Trade Agreement with EU on the horizon

Upon the question regarding the ongoing negotiations between USA and European Union with respect to Transatlantic Trade and Investment Partnership (TTIP) and its possible ramifications for Turkey; Deputy Prime Minister Mehmet Şimşek contended that the ultimate finalization of the aforementioned treaty might be delayed due to European Elections slated for the next year. On the other hand, by pointing out that they have already launched the procedures to further Customs Union and ultimately ink a ‘new generation trade agreement’, Şimşek declared that the negotiations between Turkey and EU in this regard will start by 2017.

22 November 2016

‘Private’ invitation for Gulf investors

‘2. TOBB-Gulf Cooperation Council Business and Investment Forum’ was jointly carried out by The Union of Chambers and Commodity Exchanges of Turkey and Federation of Chambers of the Gulf Cooperation Council in the Bahraini capital city of Manama.

14 November 2016

Delay in secondary legislation holds potential investments worth billions

Industrialists are reported to have postponed their investment projects due to the delay in the enactment of the necessary secondary legislation of East and Southeast Anatolia Investment and Support Initiative, an ambitious investment incentive package tailored specifically for 23 eastern cities economically lagging behind the national average and declared by Prime Minister Binali Yıldırım back in early September 2016.

23 June 2016

New Incentives for Foreign Trade

Addressing the conference on the ‘Competitive Practices in Customs and Trade’ by a domestic think-tank, Customs and Trade Minister Bülent Tüfenkçi reiterated government’s stance with respect to mounting competition in global trade and willingness to undertake some structural reforms to enable Turkey to get more from that giant economic pie.

13 November 2016

A new roadmap with Iran in trade

After holding official meetings with Iranian Vice President Ishak Cihangiri, Communication and Information Technologies Minister Vaizi and the Minister of Mining and Trade Muhammed Rıza Nimetzade as a part of his visit to Islamic Republic of Iran, Minister of Economy Nihat Zeybekçi assessed the results of that visit to journalists in Denizli.

23 June 2016

Establishing A Limited Liability Company In Turkey

Limited liability company is the most common type of equity capital companies in Turkey. In terms of the new Turkish Commercial Code (TCC) limited liability company (LLC) is quite justified to the joint-stock company. Thus, LLC can be assumed as a little joint-stock company under the new legislation. The basic legal arrangements regarding the establishment and management of a limited liability company in Turkey are explained below.

13 November 2016

Middle East/North Africa Tax Forum held in Ankara

The 7th Middle East/North Africa Tax Forum-MENA Forum was held under the joint auspices of Turkish Revenue Administration and International Tax and Investment Center (ITIC) between November 8-10, 2016 in Ankara.

23 June 2016

A Seminar for ECO Countries Held in Ankara

A technical and educative seminar on the methods and essentials of the heavily employed ‘risk based analysis method’ was jointly carried out by the Presidencies of Revenue Administration and Tax Inspection Board with the participation of ECO(Economic Cooperation Organization) Secretariat and officials from member countries such as Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan and Pakistan tax authorities between 24-26 May, 2016 in capital Ankara.

06 November 2016

Istanbul Arbitration Center (ISTAC) expected to take a leap forward next year.

Established in November 2015, right after meeting all the legal and technical requirements, Istanbul Arbitration Center (ISTAC) has received five cases in a relatively short period of less than a year. Having received cases from Middle East and Africa, the Istanbul Arbitration Center aims to be a regional hub for the arbitration business.

23 June 2016

Negotiations of Double Taxation Prevention Agreement with Afghanistan Commence

The first round of talks between Turkish Republic and Islamic Republic of Afghanistan with respect to inking an agreement on the prevention of double taxation practices has been held in Ankara between 6-8 June, 2016.

06 November 2016

Deadline for Tax Amnesty applications extended to November 25, 2016

General Communique with respect to implementation of the Law on the Restructuring of Certain Public Receivables numbered 6736 by Presidency of Revenue Administration, a semi- autonomous tax body affiliated with Turkish Ministry of Finance, went into force following its promulgation in the Official Gazette in 3/11/2016.

23 June 2016

Administration’s Interactive Tax Consulting Module Now Fully in Use

The Presidency of Revenue Administration has launched an online module named “Interactive Tax Counsel” and integrated to its official website(www.gib.gov.tr) to enable taxpayers sketch their tax liabilities by setting a largely precise tax timetable within Administration’s wider strategy of enhancing tax compliance which has been consistently pursued for some time.

14 August 2016

Because we are Turkey!...

On June 15, 2016, Turkey faced a military coup attempt that aimed to destroy the democracy together with its institutions.