Legislation

COTTGROUP

08March2019

AMENDMENTS MADE WITH THE LAW NO.7166

7166 numbered the “Law on Amending Social Services and Some Other Laws” (the “Law”) has published in the 30694 dated Official Gazette. This Law has made some amendments on Environmental Law, Value Added Tax Law (“VATL”), Unemployment Insurance Law, Special Consumption Tax Law (“SCTL”,“ÖTVK”), Occupational Health and Safety Law and some other Laws. A new wage support incentive to the employers, some VAT and Special Consumption Tax (ÖTV) regulations are among these amendments.

Our explanations regarding some important amendments are as follows

Written by Seda Arıcı, Posted in Social Security Law and Regulations, Taxation Law, Workplace Health and Safety

05March2019

NEW DEVELOPMENT IMPLEMENTED TO ACTIONS TAKEN FOR PROTECTING THE TURKISH MONETARY CURRENCY

The obligation of bringing export fees to Turkey within 180 days and change 80% of this payment to a bank has been set as 6 months as of 04.09.2018, with the Communique on 32 Numbered Decree Regarding the Protection of Value of Turkish Currency (Regarding Export Prices). This duration which was to expire on 04.03.2019, has been extended to 1 year, 2019-32/53 numbered Communique published in the 30703 numbered and 03.03.2019 dated Official Gazette.

Written by Selma Kıy, Posted in Protection of the Value of Turkish Currency Regulations

04March2019

TAX MAP FOR RENT INCOME EARNERS

Each year, the rent income earned by real persons are declared to the relevant tax office with the Annual Income Declaration by March 25. The income types which are acknowledged within the scope of the GMSI (real property income), other than the rent incomes, are elaborated on the Income Tax Law, Article 70.

The responsible party who is to apply the lump sum method, once the exemptions to be implemented on the tax can deduct the 15% rest of the amount to be declared under real expense. In the below table, you can refer to the details on rent income, applicable to residential and commercial properties. For further detailed information please contact your customer representative or an expert.

Written by Selma Kıy, Posted in Taxation Law

26February2019

UPDATES ON THE CLAIM PROCESS OF THE DATA SUBJECT

The Institution of Personal Data Protection has shared an announcement on the Application to the Data Controller and the Period Calculation of the Claims made to the Institution, on 13.02.2019. The issue of interpretation of the claim durations within the Law has become clear with the said announcement for the Data Subjects who exhaust application avenues to the Data Controller. You may reach the full text of the announcement here.

The subjects to be covered with the announcement are as follows:

Written by Seda Arıcı, Posted in Personal Data Protection Law

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