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Legislation - CottGroup Holistic Business Services

06January2022

2022 1st Period - Severance Ceiling Amount

This circular has been abolished and the amount has been updated. You can reach the updated amount via the link

According to the 27998389 - 010.06.02-854887 numbered Circular published by the Ministry of Treasury and Finance with the subject ‘Financial and Social Rights’, the coefficients used to calculate the wage of public officers have been revised effective 01.01.2022.

Income Tax Exempted Severance Payment

The following value has been calculated taking these coefficients into account and shall be applied for the period between the dates of 01.01.2022 – 30.06.2022 maximum severance payment to be exempted from income tax is determined as 10,596.74 TRY.

To access the full circular in which these announcements were made, please click here. (Please also be advised that the contents of this circular are in Turkish.)

Should you have any queries or need further details, please contact your customer representative.

Author Erdoğdu Onur Erol, Category Taxation Law, Labor Law

04January2022

Turkish Central Banks Sets Default Interest Rate

With the Communiqué published by the Central Bank of the Republic of Türkiye in the Official Gazette dated 02.01.2022 and numbered 31707, the default interest rate and the minimum compensatory amount to be applied in late payments is determined.

According to the Communiqué, the annual default interest rate is 17,25 and the minimum compensatory amount is 555.00 TRY.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Turkish Commercial Code

03January2022

SSI Debt Inspection for 5 Points Discount in Türkiye

Social Security Institution has published a notification regarding the SSI premium debt inspection for 5 points premium discount.

Per that notification, the SSI premium debt inspections will start as of January 2022 for the 5% discount on the SSI employer portion.

The 5% SSI premium discount would not be applicable for an employer if any of the workplaces in Türkiye have SSI premium debt, unemployment premium debt, administrative fine, late payment interest, etc.

Author Erdoğdu Onur Erol, Category Social Security Law and Legislation

03January2022

Have You Completed Your VERBIS Registration?

Certain periods and deadlines stipulated in Turkish Data Protection Law (KVKK) for VERBIS registration with the decision dated 19.07.2018 and numbered 2018/88. Afterward, these periods were extended 4 times, and the deadlines were postponed for various reasons.

With the decision numbered 2018/88, the deadline for VERBIS registration was determined as 30.09.2019 for data controllers with an annual number of employees over 50 and for data controllers residing abroad.

With the decision numbered 2019/265, the deadline for the above-mentioned data controllers was determined as 31.12.2019; with the decision numbered 2019/387 it was extended as 30.06.2020; with the latest decision numbered 2020/482, it was determined 30.09.2020 and lastly, it was determined as 31.12.2021 with the latest decision numbered 2021/238.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Personal Data Protection Law

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