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Turkish Commercial Code


Regulations on Covid-19 and Some Laws Within the Scope of Omnibus Law No. 7244

Law on the Amendment of Some Laws with the Law on Reducing the Effects of New Coronavirus (Covid-19) Epidemic on Economic and Social Life, which includes articles on reducing the effects of Covid-19 epidemic to economic and social life and amendments to be made in some laws have entered into force, having been published in the Official Gazette dated 17.04.2020 and numbered 31102.

Law No. 7244 includes postponing, not taking or restructuring receivables, extending certain periods regulated by law, innovations brought to business life by the Labour Law and other related regulations and many more.

You can find the regulations in the law below:

ARTICLE 1 - Postponement, not taking or restructuring of some receivables

Due to force major caused by the Covid-19 outbreak, it has been ensured that;

Written by Şeyma Nur Kaplan, Posted in Taxation Law, Code of Obligations, Labour Law, Turkish Commercial Code


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


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 Legislation, Taxation Law, Turkish Commercial Code


"The Law on Amendments To Certain Laws With The Intention To Improve The Investment Environment" Has Been Published

The Law numbered 7099 on Amendments to Certain Laws with the Intention to Improve the Investment Environment entered into force upon its publication in the 30356 numbered Official Gazette dated 10 March 2018. The Law numbered 7099 is intended to improve processes in the amended areas along with the reduction of expenses which are paid in this respect.

Written by Selma Kıy, Posted in Turkish Commercial Code

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Due to the Covid-19 Coronavirus pandemic to secure the health of our employees our business operations are held remotely until further notification. CottGroup® will have its business processes carried out efficiently and smoothly thanks to our BCP plans and strong technological infrastructure. As always, our customers and business partners will be able to reach us via our phones and e-mails.