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News & Insights

December 13, 2019

Draft Amendments to Legislation on Authorization in Electronic Communication Sector Open for Public Consultation

Legal Alerts
IT & Communications

Recent Development The Information and Communication Technologies Authority (“ICTA“) presented for public consultation the draft amendments to the legislation on authorization in the electronic communications sector on December 5, 2019. The amendments introduce new regulations on several topics, including application conditions for authorization, authorization periods and fees, competency controls, rights and obligations of operators, and […]

December 12, 2019

ICSID is Modernizing and Simplifying its Rules

Publications
Dispute Resolution

What is ICSID? Established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention), the International Centre for Settlement of Investment Disputes (“ICSID“) is the world’s leading institution for international investment dispute settlements. The ICSID Convention is a multilateral treaty formulated by the Executive Directors […]

December 12, 2019

Turkey Publishes List of Professionals That Must Employed at Food and Feed Premises

Legal Alerts
International Commercial and Trade

The Ministry of Agriculture and Forestry (“Ministry“) published the Communiqué No. 2019/48 on Professionals That Must Be Employed at Food and Feed Premises (“Communiqué“) in the Official Gazette on December 6, 2019. The Communiqué sets forth the relevant food and feed premises, as well as the professions of the personnel that the premises must employ […]

December 11, 2019

BRSA takes action on Unlicensed Banking Activities

Legal Alerts
Banking & Finance

Banking Activities under Turkish Law As per the Banking Law No. 5411 (”Banking Law“), the banking activities listed in Article 4 of the Banking Law (such as extending cash or non-cash loans, accepting deposits, issuing credit cards/bank cards) can only be conducted upon a banking license issued by the Banking Regulation and Supervision Authority (the […]

December 10, 2019

Taking Turkish Financial Restructuring and NPL Market Ahead

Publications
Banking & Finance

What needs to be cured on the legal and tax fronts: A proposal for a financial restructuring and NPL reform In the last two decades, Turkish economic growth was supported by credit, especially foreign currency denominated funding. As of July 2019, total FX debt (long term and short term) owed by the private sector in […]

December 10, 2019

New Accommodation Tax and Valuable House Tax

Legal Alerts
Tax

Recent Development The Law No. 7194 on Digital Service Tax and Amendment of Certain Laws and Law Decree No. 375 (“Law“), published on the Official Gazette dated December 7, 2019 and No. 30971, introduced new accommodation tax and valuable house tax. What Does the Law Say?  1. Accommodation tax Through a new article added to […]

December 10, 2019

New Omnibus Law Amending Tax Laws

Legal Alerts
Tax

Recent Development The Law No. 7194 on Digital Service Tax and Amendment of Certain Laws and Law Decree No. 375 (“Law“), published on the Official Gazette dated December 7, 2019 and No. 30971, introduced important amendments to various tax laws. What Does the Law Say?  1. Important amendments to the Income Tax Law New income […]

December 10, 2019

Turkey Introduces New “Digital Service Tax”

Legal Alerts
Tax

Recent Development The Law No. 7194 on Digital Service Tax and the Amendment of Certain Laws and Law Decree No. 375 (“Law No. 7194“) was published on the Official Gazette dated December 7, 2019 and No. 30971 and introduced a new digital service tax (“DST“). The DST related provisions of the Law No. 7194 will […]

December 3, 2019

Write-Down of Uncollectible Loans Facilitated

Legal Alerts
Banking & Finance

Recent Development The Banking Regulatory and Supervisory Authority (the “BRSA“) amended the Regulation on the Principles and Procedures Regarding the Classification of Loans and Reserves Set Aside for These Loans (the “Amendment“). The Amendment entered into force with its publication in the Official Gazette No. 30961 on November 27, 2019, retroactively effective as of July […]

December 2, 2019

Kars “Monument of Humanity” Decision: Constitutional Court Values the Sculptor’s Freedom of Expression Over Public Interest

Legal Alerts
Intellectual Property

Recent Development The Constitutional Court examined the individual application made by Mehmet Aksoy (“Applicant“) alleging that his freedom of expression was violated due to the destruction of his artistic work, “Monument of Humanity” in 2011. The Constitutional Court’s decision no. 2014/5433 and dated July 11, 2019 (“Decision“) ordered that the Applicant be compensated TRY 20,000 […]