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News & Insights

June 11, 2018

FX Loan Borrowing for Ordinary Partnerships

Legal Alerts
Banking & Finance

Recent Development The Capital Movements Circular was amended to clarify the regules regarding FX loan borrowings by ordinary partnerships in which all the partners are legal persons (“Ordinary Partnerships“). What Does the Amendment Say? Ordinary Partnerships will be considered Turkish residents and FX loans extended to Ordinary Partnerships will be considered loans utilized by the […]

June 7, 2018

Procedures and Principles for Issuing Building Registration Certificates

Uncategorized
Real Estate

Recent Development The Communiqué on the Procedures and Principles for the Issuance of Building Registration Certificates (“Communiqué”) was published in the Official Gazette No. 30443 and dated June 6, 2018. What Does the Communiqué Say? The Communiqué regulates the rules for applying for building registration certificates and the determination of registration fees. Application One of […]

June 5, 2018

Banks Exempt from Tender Offer Requirements for Public Company Shares Foreclosure

Legal Alerts
Banking & Finance

Recent Development The Turkish Capital Markets Board (“CMB”) amended the Tender Offer Communiqué II-26.1 on June 5, 2018 to introduce a major change to the tender offer regime in Turkey. The amendment provides banks with certain exceptions to tender offer requirements, enabling them to dispose more easily of public company shares (“pledged shares”) provided to […]

May 24, 2018

Turkey Amends FX Loan Amounts for Renewable Energy Projects

Legal Alerts
Banking & Finance

Recent Development The Capital Movements Circular was amended to change the total amount of FX loans Turkish residents can borrow for financing renewable energy projects with state guarantee and made under the framework of the Law No. 5346 on the Use of Renewable Energy Resources for the Purposes of Generating Electricity. What Does the Amendment […]

May 21, 2018

Zoning Peace

Legal Alerts
Real Estate

Recent Development The Law on Amendments to Certain Laws and Restructuring of Tax and Certain Other Receivables No. 7143 (“Law“) adding a provisional article to the Zoning Law No. 3194 and regulating the rules of the zoning peace (“Zoning Peace“) newly included in the legislation was published in the Official Gazette No. 30425 and dated […]

May 21, 2018

Turkey Passes Tax Amnesty Law

Legal Alerts
Tax

Recent Development On May 18, 2018, the Law No. 7143 on the Restructuring of Tax and Certain Receivables and Amending Certain Laws (“Law“) was published on the Official Gazette and thus entered into force. This legal alert lays out the essential provisions the Law introduced regarding the restructuring of tax receivables enforced by the Ministry […]

May 21, 2018

Standard Contractual Clauses for International Data Transfers Announced

Legal Alerts
IT & Communications

Recent Development The Data Protection Board announced standard contractual clauses for international data transfers on May 16, 2018. To access the announcement, which is written in Turkish, please click here. What Does the Announcement Say? The announcement informs the minimum required content that data controllers must prepare for international data transfers, as per Article 9/2(b) […]

May 18, 2018

Data Protection Board Publishes Decision on Exemptions from Registration Obligation

Legal Alerts
IT & Communications

Recent Development The Personal Data Protection Board (“Board“) published its decision (“Decision“) on exemptions from registration to the Data Controllers’ Registry (“Registry“) in the Official Gazette on May 15, 2018. What Does the Decision Say? The decision is based on Article 16(2) of the Law No. 6698 on the Protection of Personal Data (“Data Protection […]

May 9, 2018

Title Fee and VAT Rate Decreased

Legal Alerts
Real Estate

Recent Development The Council of Ministry’s Decision No. 2018/11674 (“Council of Ministry’s Decision”) changing the title fee and certain tax rates was published in the Official Gazette dated May 5, 2018 and numbered 30412. What Does the Council of Ministry’s Decision Say? According to the Council of Ministry’s Decision, the title fee separately paid by […]

May 8, 2018

Tax Amnesty En Route!

Legal Alerts
Tax

Recent Development On April 30, 2018, the Draft Law on the Restructuring of Tax and Certain Receivables and Amending Certain Laws (“Draft Law“) was submitted to the Turkish Parliament. This legal alert lays out the most essential provisions introduced by the Draft Law regarding the restructuring of tax receivables enforced by the Ministry of Finance. […]

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