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.
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.
‘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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
On June 15, 2016, Turkey faced a military coup attempt that aimed to destroy the democracy together with its institutions.
It is a well-appreciated general knowledge that Personal Income Tax Law, the main pillar of the Turkish tax system whose enactment dates back as early as 1960s, have long been lagging behind the rapidly changing and evolving trends in economic realities and diversity of novel transactions on the ground and eventually lost its systematic nature.
Following the shocking revelations regarding secret tax-related information of thousands of people and firms worldwide by a Panama-based law firm, which has been labeled as Panama Papers afterwards, news indicating the intention of establishment of a global tax body to halt or at least mitigate the widespread use and exploitation of tax havens by tax evaders emerged in major media outlets.
The basic legal arrangements in respect of establishing a joint-stock company (JSC) under the terms of Turkish Commercial Code (TCC) are explained below.
The updated version of the taxpayer feedback system via which taxpayers across the country are given the opportunity to electronically file their demands and suggestions has been launched.