Legislation

COTTGROUP

08October2018

REVISIONS ON THE SERVICE, EMPLOYMENT AND RELEVANT AGREEMENTS WITHIN TURKISH CURRENCY PROTECTION LAW

As per to the Presidential Decree announced on September 13, 2018 there has been an uncertainty on the parties located in Turkey, which were to be prohibited to sign foreign currency  based contracts.  The uncertainty has mostly raised a question for the parties that have casual connection with parties outside Turkey, have non-Turkish shareholder/ownership and/or have obligation of foreign currency based payments to abroad in relation to the services, consultancy and relevant agreements.

With the amendments and Communique announced recently in regards, it has been clarified which parties will be exempt from the prohibition.

Written by Selim Tankut Akdağ, Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations

08October2018

AMENDMENT ON THE PROTECTION OF THE VALUE OF TURKISH CURRENCY LAW AND ITS IMPACT ON EMPLOYMENT CONTRACTS

On September 17, 2018 the Treasury had made a press release which was expected to be clarified with further explanations. The alteration to the recently announced regulations and the press release has been announced on Saturday, Oct. 6, 2018 through a Communique. As per to the newly published Communique; workplaces (employers) are obligated to have employment contracts which are based on foreign currency converted to Turkish Lira (TRY) based contracts in certain cases. The deadline to have the employment contracts amended to TRY is October 12, 2018.

The sections relevant to employment contracts announced with the COMMUNIQUE (NO:2018-32/51) REGARDING THE AMENDMENT ON THE DECREE LAW NO.32 ON PROTECTION OF THE VALUE OF TURKISH CURRENCY (NO: 2008-32/34), which has been released on the Official Gazette numbered 30557 are outlined below.

Written by Selim Tankut Akdağ, Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations

08October2018

COMMUNIQUE RELATED TO THE DECREE LAW 32 ON PROTECTION OF TURKISH MONETARY CURRENCY HAS BEEN ANNOUNCED

REGULATION NO: 2008-32/34 REGARDING AMENDMENT ON THE REGULATION (REGULATION NO: 2018-32/51)

ARTICLE 1- (1) The abrogated article 8 of the Regulation Regarding the Decree No.32 on Protection of the Value of Turkish Currency (Regulation No: 2008-32/34) which is published in 28/2/2008 dated and 26801 numbered Official Gazette, is revised as follows.

“The Agreements in Foreign Currency and the Agreements Based on Foreign Currency

Article 8 – (1) Residents in Turkey; shall not settle the contract price in real estate sale agreements including residences and roofed working places of which subject is the real estates in the country including free zones, and other payment obligations arise from these agreements that are signed between each other, as in foreign currency or based on foreign currency.

(2) Residents in Turkey; shall not settle the contract price in real estate leasing agreements including housing premises and roofed working places of which subject is the real estates in the country including free zones, and other payment obligations arise from these agreements that are signed between each other, as in foreign currency or based on foreign currency.

(3) Residents in Turkey; shall not determine labor agreements’ contract price and other payment obligations arise from these agreements, except the ones performed abroad, in foreign currency or based on foreign currency.

Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations

05October2018

NEW REGULATION HAS BEEN IMPLEMENTED FOR THE SSI DEBTS

On 18.09.2018, the Social Security Institution (SSI) issued “Circular Number 2018/32” which regulates Circular Number 2012/27 and resolves the issue regarding the prescription of institutional receivables.

According to the new regulation, from now on, the SSI directorates will conduct periodic investigations, which will scan workplace files and debts of the employees, starting with the oldest records to designate the owed debts to the institution. After investigating causes of interruptions or halts in prescription, obligators with an expired debt will receive a Debt Information Form. With this notification, obligators will be requested to pay their debts within 15 days. Along with the notification, if debtors would want to pay, SSI directorates will accept the payments.

Written by Selma Kıy, Posted in Social Security Law and Regulations

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