Turkish Commercial Code

15July2015

On The Way To E-Notary…

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.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Turkish Commercial Code

06April2015

Anticipated Tax Benefits in Capital Increases

A 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.

References:

www.tbmm.gov.tr

Law no : 6637 Date : 27/03/2015 Law amending certain laws and enactments.

The said regulation is currently submitted for approval to the Presidency, and upon approval, will go into effect on 01/07/2015.
Companies in finance, banking and insurance and state-controlled entities are out of scope of this regulation.
50% of the interest calculated at the related account period.
The latest interest rate with respect to commercial bank loans in TL currency as declared by the Cenral Bank of Türkiye.
See art. 8.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Taxation Law, Turkish Commercial Code

03February2015

The Criteria for Companies To Be Subject To External Auditing Have Changed

Changes 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.

Category Taxation Law, Turkish Commercial Code

23September2014

Bill Omnibus no. 6552: Cancellation of Administrative Fines for SSI Declarations for JS and LLC Shareholders

The Law Amending Certain Labour Laws and Regulations and Restructuring Tax Debts, numbered 6552, published in the Official Gazette on 11/09/2014 makes a number of important changes in sundry laws and regulations. One of these changes concerns the administrative fine provisions in the Social Security and Public Health Insurance law, numbered 5510. The new bill has enacted the provisional article 57 allowing for cancellation of public debts subject to certain conditions. The following consists of a brief explanation on this procedure.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Social Security Law and Legislation, Turkish Commercial Code