Turkish Commercial Code

 
02January2019

THE DEFAULT INTEREST RATE IS DETERMINED FOR 2019

As is known, the default interest rate announced every January by the T.R. Central Bank has been applied in case there is no default interest rate is determined in a contract or related clause is invalid regarding the good or service supply, according to the clause 7 of the Art. 1530 of the Turkish Commercial Code.

Written by Seda Arıcı, Posted in Taxation Law, Turkish Commercial Code

13September2018

NEW LAW HAS BEEN ANNOUNCED ON PROHIBITING PARTIES LOCATED IN TURKEY TO SIGN FOREING CURRENCY BASED CONTRACTS

On the Official Gazette numbered 30534 dated 13.9.2018, it has been announced with the Presidential Decree numbered 85 to make amendments on the recently announced Decree Law numbered 32 “The Protection of the Turkish Currency”.

According to the newly announced Decree, the below shall be applicable starting as of 13/9/2018:

  • It is prohibited to have foreign currency-based contracts or contracts with foreign currency payment duties for the parties which are located within the borders of Turkey in relation to all types of property and real estate purchase, sale and lease agreements, vehicle purchase / sale and lease agreements, service, employment and similar agreements. The clause is applicable to all local parties in Turkey unless the party is announced to have certain exception by the relevant authority.
  • As of the date this Law is in force (Sept, 13), within 30 days all the rates, values, prices which are to be agreed on foreign currency, shall be adjusted with Turkish currency (TRY) fees. The clause is applicable to all local parties in Turkey, unless the party is announced to have certain exception by the relevant authority.

Written by Selim Tankut Akdağ, Posted in Social Security Law and Regulations, Taxation Law, Turkish Commercial Code

02October2015

IMPORTANT POINTS REGARDING THE APPLICATION AND UTILIZATION PROCESS OF E-INVOICE AND E-LEDGER

With the expansion in the usage area of electronic legder and electronic invoice through the Tax Procedural Law General Notification published on 20th June 2015, we point out to the subjects of which taxpayers have obligations within this context and the points to consider.


According to the notification, the taxpayers, who have gross sales revenue amounting to 10 Million TL and above within 2014 and its following years, are obligated to change over to electronic ledger and electronic invoice application as of 1st of January 2016. According to the notification, summarize; the taxpayers who obtained license from EPDK (Energy Market Regulatory Authority) due to the commodities stated in the List Number I annexed to the ÖTV Law (Special Consumption Tax) and the taxpayers, that manufacture, construct and import the products stated in the List Number III annexed to the ÖTV Law, are obligated to change over to e-ledger and e-invoice application.

Written by Mükremin Akbulut, Posted in Taxation Law, Turkish Commercial Code

15July2015

ON THE WAY TO E-NOTARY…

cott-group-semsiye

A new feature has been introduced to the steps taken on the way to E-notarization process. The notary transactions will now be able to be made in the electronic environment.

As per the regulation published in the Official Gazette number 29413 on 11th of July 2015, we will be able to conduct notary transactions without any requirement to visit the notary offices. With the regulation to be put into force on 1st of March 2016, following transactions will be able to be concluded with the use of secure electronic signature.

  • Translation Processes
  • Attestations and Certifications
  • Proof Processes
  • Issuing of True-Copies
  • Attestation of Books
  • Written warnings and notices without signature

The transactions, which can be concluded without visiting notary offices, are currently limited as stated above. Nonetheless, many notary transactions will be able to be carried or initiated with secure electronic signature, however in the finalization process the relevant authorized persons will need to be present before the notary public. The validity of the transactions will be ensured through “Secure Electronic Signature”, “Timestamping” and “Registered Electronic Mail”.

By law, “Union of Notaries” is authorized for the establishment and the operation of the system infrastructure. Within the system, features will take place such as the choosing of a specific notary, recording of the transactions on the electronic environment, making payments etc.

You may access the guidelines including the relevant regulation from here. For more information please contact your customer representative or a consultant.

Written by Mükremin Akbulut, Posted in Turkish Commercial Code

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