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February 8, 2017

Breaking Tax Decisions From the Council of Ministers to Encourage Certain Sectors

Legal Alerts
Tax

Recent Development In an effort to enliven the economy in certain sectors, the Council of Ministers has determined new reduced tax rates on special consumption tax, VAT and stamp tax through its Decision No. 2017/9759 published in the Official Gazette on February 3, 2017 (“Decision“) affecting certain sectors. These new tax rates are detailed as […]

February 8, 2017

Turkey Restricts Advertisements of Electronic Communication Services

Legal Alerts
Intellectual Property
Trade & Commerce

Recent Development The Regulation on Commercial Advertisements and Unfair Commercial Practices (the “Advertising Regulation“) was recently amended to introduce brand new provisions on the advertisements of electronic communication services. Background Based on Consumer Protection Law No. 6502, the Advertising Regulation is the main legislation on commercial advertisements directed at consumers. The Advertising Regulation provides detailed […]

February 7, 2017

Turkey Introduces Changes for Clinical Research Process

Legal Alerts
Healthcare

Recent Developments The Turkish Medicines and Medical Devices Agency (TİTCK) recently announced changes to the clinical research process. As of January 19, 2017, certain documents requested during clinical research applications are no longer required. A list of the documents that are no longer required is included in the announcement, which is available at here (in […]

February 6, 2017

Turkey Introduces New Standards for Medical Waste Control

Legal Alerts
Healthcare
Trade & Commerce

Recent Development The Ministry of Environment and Urbanization recently adopted the new Regulation on Control of Medical Waste (the “Medical Waste Regulation”). Based on the Environment Law No. 2872, the purpose of the Medical Waste Regulation is to reestablish the legal, administrative and technical procedures and principles, as well as policies and programs regarding the […]

January 20, 2017

Details of Movable Pledge Revealed

Legal Alerts
Banking & Finance

The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable Pledge Law”). Under the Movable Pledge Law, the Ministry of Customs and Trade (the “Ministry”) is authorized to provide for the implementing regulations and, on December 31, 2016, the Ministry introduced the following regulations: Regulation […]

January 18, 2017

Turkey Encourages Foreign Investment by Conferring Citizenship

Legal Alerts
Employment
Real Estate

Recent Development On January 12, 2017, the Council of Ministers amended the Regulation on the Implementation of Turkish Citizenship Law published in the Official Gazette No. 27256 dated June 12, 2009 (“Regulation”). According to the amendment, foreign individuals that invest in Turkey are conferred Turkish citizenship under certain conditions. New conditions for foreign investors to […]

January 12, 2017

Turkish Central Bank intervenes to increase liquidity

Legal Alerts
Banking & Finance

Recent Development On January 11, 2017, the Central Bank of the Republic of Turkey (the “Central Bank“) has reduced banks’ foreign exchange liabilities related reserve requirements by 50 basis points to provide extra liquidity to the market. The changes take effect starting from December 30, 2016. New FOREX reserve requirements The Central Bank has reduced […]

January 11, 2017

Turkey: Long Awaited Law on Industrial Property Rights Enters Into Force

Legal Alerts
Intellectual Property

Recent Development Turkey has been waiting for decades to adopt a single, unified law on the protection of industrial property rights.1 The Law No. 6769 on the Protection of Industrial Property Rights (“Industrial Property Law”) passed the Grand National of Assembly on December 22, 2016 and entered into force on January 10, 2017. The Industrial Property Law is the first of its kind, […]

January 11, 2017

Turkey Tightens Deadlines and Revises Fees for License Applications in 2017

Legal Alerts
Healthcare

Recent Development The Turkish Medicines and Medical Devices Agency (the “TİTCK”) recently announced deadlines and procedures for the payment of scientific analysis and assessment fees in license applications subject to the new price tariff in 2017. Background The TİTCK announced a new price tariff for medicine applications in 2017. Scientific analysis and assessment fees payment […]

January 10, 2017

Turkey Restricts Comparative Advertisement on Food Products

Legal Alerts
Intellectual Property
Trade & Commerce

Recent Development The Regulation on Commercial Advertisements and Unfair Commercial Practices (the “Regulation“) was recently amended to include further restrictions on comparative advertising for specific types of food products. Background The Regulation is the main legislation on commercial advertisements directed at consumers. The Regulation allows for general comparative advertising,  strictly prohibiting it only for supplement […]