The Presidential Executive Decree No. 85, dated 12 September 2018, amending the Decree No. 32 on the Protection of the Turkish Currency purports to prohibit the [private or public] residents in Turkey from agreeing in their payment obligations in or indexed to foreign currencies in the [private law] contracts between them or in the contracts emanating payment obligations for and in relation to sale and purchase of movable and immovable, all kinds of lease and rentals of movab...»
Wide ranges of studies are being carried out for the improvement of investment environment. As to these studies, a new law called Law on the Amendment of Certain Laws for the Improvement of the Investment Environment numbered 7099 (the “Law”) has been published in the Official Gazette on 10.03.2018 in order to (i) support the investors, (ii) speed up the investment process and establishment process of a company, (iii) reduce the costs and (iv) boost the economy. There have be...»
Pelin Baysal, Partner and Cansu Akbiyikli, Senior Associate at Gun + Partners provide an overview of legal reforms in Turkey aimed at enhancing the country’s economic development.
In recent years, the Turkish Government has been taking significant steps to continue enhancing the region’s economic environment including implementing a number of legislative developments.
The Law Amending Certain Laws for Improvement of the Investment Environment, 6728 was publi...»
On May 5th, 2017 the Turkish Data Protection Authority published the Draft Regulation on Data Controllers’ Registry (“Draft Regulation”) for comments to be submitted. The Draft Regulation is based on Article 16 of the Law on the Protection of Personal Data (“Law”) which came into force last year on April 7th, which states under the supervision of the Board of Protection of Personal Data (“Board”), Data Controllers Registry (“Registry”) will be kept by the Presidency of the Pe...»
Turkey is not a large producer of oil and natural gas resources. Its oil and gas production is minimal when compared to its hydrocarbon-rich neighbours such as Azerbaijan, Russia, Iraq, and Iran. Yet, it still has a specific advantage: it is located between these oil-rich countries and the highly industrialised and developed western economies, which are large oil and natural gas consumers.
Currently, crude oil and natural gas are carried via land pipelines to Turkey from Russ...»
Turkish Regulation on Commercial Advertisement and Unfair Commercial Practices (“Regulation”) which is the main regulation regarding advertising has been amended with an amending regulation published in the Official Gazette dated 4 January 2017 and numbered 29938 (“Amending Regulation”).
The Amending Regulation, first of all, postpones the enforcement date for the rule allowing the use of name or trademark of the competitor in the comparative advertisement. This rule has been...»
Stamp tax in Turkey is only applicable to transactions that take place in within Turkish borders. In transactions where the deal volume is high, stamp tax can often be a hindrance since it can be a real burden on the parties. Stamp tax is regulated by the Stamp Tax Code (Numbered 488) and applies to a wide range of papers such as agreements, surety, guarantee and pledge documents, settlement letters or bills of lading. The term “paper” within the scope of Stamp Tax Code means...»
01.01.1957 tarihinden beri yürürlükte olan 29.06.1956 tarihli 6762 sayılı Türk Ticaret Kanunu, hazırlandığı ve kabul edildiği dönemde bu alanda Türkiye’nin ihtiyaçlarını büyük ölçüde karşılıyor olmasına rağmen, günümüzde çağın gerisinde kalmıştır. Zira, 6762 sayılı Kanunun uygulandığı 20. yüzyılın ikinci yarısında, bir ticaret kanunu için önemli, hatta bir anlamda sıra dışı olaylar cereyan etmiş, kalıcı sonuç doğuran dönemler başlamıştır. Dünyada ve Avrupa’da genel ...»