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.
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.
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.
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.
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.
On June 15, 2016, Turkey faced a military coup attempt that aimed to destroy the democracy together with its institutions.
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.
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.
La période d’essai permet à l’employeur d’évaluer les compétences du salarié dans son travail, notamment au regard de son expérience, et au salarié d’apprécier si les fonctions occupées lui conviennent.
Despite accelerating pace of growth in the share of privately-owned firms due to mounting sense of urgency to ensure that commercial rights granted to them by respective jurisdictions are not merely nominal protection mechanisms by employing product security solutions; governments across the globe and their affiliated public or semi-public institutions continue to dominate the demand side of the product security (product authentication/track/trace systems) market.
Despite accelerating pace of growth in the share of privately-owned firms due to mounting sense of urgency to ensure that commercial rights granted to them by respective jurisdictions are not merely nominal protection mechanisms by employing product security solutions; governments across the globe and their affiliated public or semi-public institutions continue to dominate the demand side of the product security (product authentication/track/trace systems) market.
Pursuant to Real Estate Tax Law (No. 1319), paying real estate tax on land and buildings (real property) located within the boundaries of Turkey is obligatory. The real estate tax is a municipal tax levied on the value of real property, and the applicable tax rate varies depending on how the real property is classified. The property tax burden fall on the owners of the real property, and they are required to pay it.
Reserves are among the items that compose the joint-stock company's equity. Reserves are regulated in the Turkish Commercial Code (herein after referred as “TCC”). According to the Turkish Commercial Code, joint-stock companies are obliged to allocate statutory reserves in some cases.