THE MINISTRY OF TREASURY AND FINANCE HAS ANNOUNCED RANCHES OF TURKISH COMPANIES IN FREE ZONES ARE ALSO ACKNOWLEDGED AS TURKISH RESIDENT REGARDING FOREIGN EXCHANGE RESTRICTIONS

As will be recalled, a remarkable change has been made with a presidential decree titled “Decree on the Amendment of the Decision No. 32 on the Protection of the Value of the Turkish Currency” (Decree) published in the Official Gazette dated 13 September 2018 and numbered 30534. Regarding this decree Subparagraph (g) added to the […]

DRAFT GUIDELINE ON PACKAGING INFORMATION AND READABILITY OF FOODS FOR SPECIAL MEDICAL PURPOSES HAS BEEN PUBLISHED

“Draft Guideline on Packaging Information and Readability of Foods for Special Medical Purposes” (“Guideline”), which legislation work continues, has been published on the website by Turkish Medicines and Medical Devices Agency (“Agency”) on 07.06.2022. In this letter, we will share some basic information regarding the content of the aforementioned Guideline. WHAT ARE THE PURPOSE AND […]

When Transferring a Business Enterprise, Is It Possible to Avoid Liability for Pre-Transfer Debts?

According to the definition of “Commercial Enterprise” in paragraph 1 of Article 11 of the Turkish Commercial Code (“TTK”); “A commercial enterprise is an enterprise in which activities are carried out continuously and independently, aiming to generate income exceeding the limit stipulated for the artisan enterprise.” All businesses with the specified elements will now be […]

NOTARY WILL ABLE TO MAKE REAL ESTATE SALES AGREEMENTS AS OF 01.01.2023

Pursuant to the provisions of the Notary Law No. 1512, it is regulated that real estate presale contracts are made in the presence of a notary public as a condition of form. On the other hand, real estate sales contracts could only be drawn up at the land registry offices, not at the notary public. […]

THE RESTRICTION ON TURKISH LIRAS CURRENCY COMMERCIAL LOAN UTILIZATION BY BANKING REGULATION AND SUPERVISION AGENCY CONCERNING COMPANIES

Pursuant to Banking Regulation and Supervision Agency Board Decree (“Decree”) dated 24.06.2022 and numbered 10250, there has been a limit determined by BRSA during supporting companies with utilizing credit limits by reasonable interests and conditions in order to ensure financial stability and provide manufacture, employment, investment for the companies.   In case a company is i) […]

WHAT ARE THE LEGAL CONSEQUENCES OF PAYROLL FRAUD?

What is the Legal Basis of the Payroll Arrangement Obligation? Article 37 of the Labour Law No. 4857 stipulates that the employer must give a signed pay slip showing employees wage account or bearing a special sign of the establishment for the payments made at the establishment or through a bank. At the same time […]