The New Turkish Commercial Code



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, The New Turkish Commercial Code




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 The New Turkish Commercial Code


Anticipated Tax Benefits in Capital Increases

cott-group-semsiyeA new regulation1 aimed at encouraging incorporations, limited liability and comandite companies2 to invest in paid capital rather than foreign capital will enter into force on 01/07/2015 and allow:

A tax deduction3 for the paid portion of the increased capital to be calculated by the legally applicable interest rate.4 In the event where no profit is declared for the year in question, the tax deduction can be carried over to the subsequent tax year.
For companies who are considering a capital increase, it is recommended that they calculate the advantages to be gained with the new regulation.
Click here for the recent regulation5 (available only in Turkish) and contact your account representative for detailed information on the subject.
Law no : 6637 Date : 27/03/2015 Law amending certain laws and enactments.
  1. The said regulation is currently submitted for approval to the Presidency, and upon approval, will go into effect on 01/07/2015.
  2. Companies in finance, banking and insurance and state-controlled entities are out of scope of this regulation.
  3. 50% of the interest calculated at the related account period.
  4. The latest interest rate with respect to commercial bank loans in TL currency as declared by the Cenral Bank of Turkey.
  5. See art. 8.

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



cott-group-semsiyeChanges have been made in "The Decision To Determine The Companies To Be Subject To External Auditing". The Cabinet Decree entered into force on 01.02.2015 to be valid as of 01.01.2015.

Posted in Taxation Law, The New Turkish Commercial Code

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