Important Regulations Which Are Effective As Of 2024 And/ Or Has Been Made Subject To Time Extension 11 January 2024
Laws No. 5746 and No. 6550 extended the regulation on higher depreciation (showing expenses related to depreciation) and calculation rates and periods for new machines acquired for use in R&D, innovation and design activities.
- The period of calculation with higher depreciation by taking into account half of the useful life periods determined and announced by the Ministry of Finance has been extended until 31/12/2024 with Article 16 of the Law No. 7491 on Amendments to Certain Laws and Decree Laws.
- With the provisional Article 32 added to the Banking Law No. 5411, companies that are in financial difficulty but are able to continue their activities through restructuring their debts were given the opportunity to restructure their debts by agreeing with creditor institutions within the scope of framework agreements to be determined and announced by the Banks Association of Turkey. This period was extended for another 2 years as of 28.12.2023, the publication date of Law No. 7491, with Article 52 of the Law No. 7491 on Amendments to Certain Laws and Decree Laws.
- Provisional Article 3 of the Cheque Law dated 14/12/2009 and numbered 5941 was as follows: "Until 31/12/2023, the submission of the cheque to the addressee bank for payment before the date of issue written on it is invalid." This period was extended until 31.12.2025 with Article 65 of the Law No. 7491 on the Amendment of Certain Laws and Decree Laws. Thus, presenting the cheque to the addressee bank for payment before the issue date written on the cheque will be invalid until 31/12/2025.
- With the Presidential Decree No. 7887 published in the Official Gazette dated 25.11.2023, effective from 01.01.2024, the minimum capital amounts regulated in the Turkish Commercial Code for joint stock and limited liability companies have been increased. For joint stock companies, it was increased from 50 thousand liras to 250 thousand liras; for limited liability companies, it was increased from 10 thousand liras to 50 thousand liras. In addition, the minimum initial capital for non-public joint stock companies that accept the registered capital system has been set at 500 thousand liras.
- With the Regulation Amending the Regulation on the Principles and Rules to be Applied in Retail Trade published in the Official Gazette dated 14.12.2023, it was established that (i) the duration of payments for agricultural and food products that can spoil within thirty days from the date of production 2024 cannot exceed thirty days if the creditor is micro or small, the debtor is medium or large scale or the creditor is medium, the debtor is large scale, and forty-five days in other cases, (ii) the duration of payments for agricultural and food products other than those can be spoiled within thirty days from the date of production cannot exceed sixty days if the creditor is micro or small, the debtor is medium or large scale or the creditor is medium, the debtor is large scale. In addition, it is stated that if the payment is made by cheque, the date of valid presentation and if the payment is made by deferred instruments, the due dates must be within the periods specified in this article.
- With the Regulation Amending the Regulation on Principles and Rules to be Applied in Retail Trade published in the Official Gazette dated 14.12.2023, the Ministry of Commerce has been authorised, as of 01.01.2024, to impose an obligation on the sale of food products for diseases requiring medical nutrition treatment to be applied in branches with a sales area of more than 250 square metres, for chain stores which are selling fast-moving consumer goods with more than 200 branches.
- Pursuant to the Regulation Amending the Price Label Regulation by the Ministry of Commerce published in the Official Gazette dated 19.12.2023, as of 01.01.2024, documents, plates, boards and the like related to tariffs and price lists must be placed in the workplace where the service is provided according to the nature of the services and the way they are offered to the consumers, and also in front of the entrance door of the workplace and on the tables where the service is provided in the workplaces where restaurants, restaurants, cafes, patisseries and similar food and beverage services are provided, in a way that can be easily seen and read by consumers.
- With the Regulation Amending the Regulation on the Trade of Second-Hand Motor Land Vehicles published in the Official Gazette dated 13.12.2023, the duration of the regulation known as the ban on the sale of new cars for 6 months or 6,000 KM has been extended to 01.07.2024 and "motorcycles" are also included in this limitation. Likewise, the prohibition on the marketing of second-hand motor vehicles through advertisements at a price above the sales price recommended by the manufacturer or distributor has been extended until 01.07.2024.
Amendments Were Made To The Regulations Based On The Occupational Health And Safety Law
In the Official Gazette dated 4 February 2024 and numbered 32450, amendments were made to some regulations issued based on the Occupational Health and Safety Law No. 6331:
Turkish Competition Board Mergers And Acquisitions Outlook Report For 2023 Has Been Published
On January 5th, 2024, the Turkish Competition Authority has published the Report prepared by the Competition Board on Mergers, Acquisitions And Privatisation Transactions in 2023 ("Report").
Important Principle Decision From The Advertising Board Regarding Discount Sale Advertisements
At the first meeting of the year held on January 9, 2024, the Advertising Board made an important principle decision regarding discount sale advertisements by amending the "Guideline on Advertisements Containing Price Information and Discount Sale Advertisements and Commercial Practices" in order to prevent consumer victimization through misleading advertisements and practices that lead to unfair competition in the retail trade sector.
The Authority to Decide on Trademark Cancellation Passed to the Turkish Patent And Trademark Office!
In Article 192/1 (a) of the Industrial Property Law ("IPL") published in the Official Gazette dated 10 January 2017 and numbered 29944, the enforcement of Article 26 of the Law titled "Cancellation Cases and Cancellation Request" was postponed until seven years later, and with the Provisional Article 4 of the IPL, it was stipulated that the authority to decide on the cancellation of trademarks would be directly exercised by the Intellectual and Industrial Rights Civil Courts until 10 January 2024.
Egemenoğlu Hukuk Bürosu / Internship Application
We are pleased to announce the opening of internship applications at Egemenoğlu Hukuk Bürosu. Legal Internship Application Deadline: March 15 Summer Internship Application Deadline: March 29 Prospective candidates are requested to submit their CVs either through our website www.egemenoglu.av.tr or by sending them to firstname.lastname@example.org.
Turkish Sustainability Reporting Standards (TSRS) And Scope Of Application Of TSRSs Were Puslished In The Official Gazette
In the Official Gazette dated 29.12.2023 and numbered 32414, the Public Oversight, Accounting and Auditing Standards Authority (POA) announced the Turkish Sustainability Reporting Standards and determined the principles to be followed in sustainability reports.
The Principles and Rules to be Applied in Retail Trade have been reorganize
With the "Regulation Amending the Regulation on Principles and Rules to be Applied in Retail Trade" prepared by the Ministry of Commerce and published in the official gazette on 14.12.2023, significant changes were made in the principles and rules of retail trade.
Warning From The Authority On Sending Verification Codes To Customers Via Sms During Shopping
The Personal Data Protection Authority ("Authority") published a Public Announcement ("Announcement") on the Processing of Personal Data by Sending a Verification Code via SMS to the Data Subjects during Shopping in Stores.
Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 has been published
In order to regulate the procedures and principles to be followed in cases of loss of capital or insolvency of joint stock companies, limited liability companies and limited partnership companies with capital divided into shares within the scope of Article 376 of the Turkish Commercial Code No. 6102 (Law), the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (Communiqué) was first published in the Official Gazette dated 15/09/2018 and numbered 30536, and with the Provisional Article 1 of this Communiqué until 01/01/2023, Within the scope of Article 376 of the Law, it was stated that foreign exchange losses arising from foreign currency denominated liabilities that have not yet been fulfilled may not be taken into account in the calculations regarding capital loss or insolvency.
Law No. 7464 on the Leasing of Houses For Tourism Purposes And Amendment To Certain Laws Has Been Published
Published in the Official Gazette dated 2.11.2023 and numbered 32357 and published in the Official Gazette dated 2.11.2023 and numbered 32357, the Law on the Leasing of Houses for Tourism Purposes and Amendments to Certain Laws (No: 7464) aims to determine the procedures and principles regarding the leasing of houses to real and legal persons for tourism purposes.
Partial Payment Period In Pension: Regulation On Partial Payment In The Private Pension System Has Been Published
With the amendment made to the Private Pension Savings and Investment System Law on 19.01.2022, a regulation was introduced stipulating that the participant can be partially paid up to fifty percent of the accumulation amount in his account, excluding the amounts in the State contribution account, without leaving the system, in cases and conditions determined by the Insurance and Private Pension Regulation and Supervision Agency. In this case, payments can also be made from the amount in the State contribution account, not exceeding twenty-five percent of the partial payment amount and the principles and procedures regarding the transactions to be carried out within this scope, including the practices regarding the State contribution, will be determined by the Institution with the appropriate opinion of the Ministry and with the amendment dated 19.01.2022, the relevant regulation is included in the Individual Pension Savings and Investment System Law.
Focus On Digital And Green Transformation: Türkiye's Medium - Term Program Published.
The Medium-Term Program (2024-2026), prepared by the Ministry of Treasury and Finance and the Presidency of Strategy and Budget, was approved and published in Official Gazette No. 32301 dated September 6th, 2023.
New Regulations Are On The Way
Some amendments were made to the Regulation on the Trade of Second Hand Motor Land Vehicles ("Regulation") and published in the Official Gazette dated 31 August 2023.
Auction Sale Of The Unsafe Buildings: What Are The New Regulations?
Pursuant to Law No. 6306 on the Transformation of Areas under Disaster Risk (known in practice as the "Urban Transformation Law"), the identification of unsafe buildings, unsafe areas and reserve building areas, the demolition of unsafe buildings, the planning to be made, the determination of the value of the immovables to be subject to transformation, Article 15/A titled "Sale Procedure by Auction" of the Implementation Regulation of the Law No. 6306, which was put into force to determine the procedures and principles regarding the agreements to be made with the beneficiaries and the aids to be provided, the buildings to be rebuilt and other applications within the scope of the Law No. 6306, has been amended.
The Personel Data Protection Board's ("Board") Decision No. 2023/692 ("Decision") On A Private Healtcare Organization Was Published On The Authority's Website
In the notification petition submitted to the Institution in the specific case, in summary; it is stated that during the filling of the form to make an appointment on the website of the health institution (data controller), it is obligatory to give consent to the processing of the data of the applicants in order to be informed about the services and announcements of the health institution and to contact people for this purpose, the appointment process is not completed unless the consent is given to the promotion box, and in this way, the service is conditioned on explicit consent by the data controller.