Legal News

Restructuring Of SSI Premium Receivables Started

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restructuring-of-ssi-premium-receivables-startedRestructuring of SSI premium receivables, such as insurance premium, group insurance premium, pension deduction and institution's contribution, unemployment insurance premium, social security support premiums and receivables applied to principles receivables (penalties, default interests and late) has been started by the issuance of SSI Circular No. 2016/18, dated 22 August 2016.

As we informed you before, many of the public receivables, accrued before 30 June 2016, related to taxes and social security premiums, and subsidiary receivables associated with them will be restructured according to "Law on Restructuring Some Receivables, No. 6736 dated 3 August 2016."

Turkey Wealth Fund Enacted

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turkey-wealth-fund-enactedTurkey has established a "Wealth Fund Management Company" intended to utilize the domestic public assets inside the economy, have access to external sources, and provide low-cost funds for the large-scale strategic infrastructure investments.

Government proposal on "Establishing Turkey Wealth Fund and Amending Certain Laws" has been accepted in Parliament and expected to be published in Official Journal to enter into force soon.

According to authorities the assets gathered in the found expected to reach up to 200 billion ($67 billion), large enough to be used in stabilization of the markets, and contribute an extra 1,5% to Turkey's economic growth.

Obligation Of Hiring Workplace Doctor Postponed

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obligation-of-hiring-workplace-doctor-postponedThe obligation of appointing or hiring occupational safety specialist and workplace doctor for every private establishments (including establishments with less than 50 personnel and/or in the scope of less hazard class) has been postponed to July 1, 2017.

Many of the provisions set forth in the "LAW ON OCCUPATIONAL HEALTH AND SAFETY NO. 6331" had entered into force as of December 30, 2012 for workplaces with 50 or more personnel which engage in heavy duty and hazardous operations, however the effective dates of article 6 and 7 that include the above mentioned obligation for every private establishments with less than 50 personnel and/or in the scope of less hazard class had been postponed to July 1, 2016, because sufficient number of specialists and workplace doctor do not exist.

Turkey's R&D Reform

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Turkey is planning to widen its supports on R&D activities to achieve innovative technology and higher value-added products by increasing and attracting new investment in such areas, in order to get a sustainable economic growth rate, which is seen as the only way to promote the competitive capacity of the country's enterprises.

As parts of a reform package many extensive arrangements has been introduced during 2016, first of which is the Law No. 6676 "Amending the Law on Supporting Research and Development Activities and Some Other Laws and Statutory Decrees," published in the Official Gazette on 26 February 2016. In this respect, also some "statuary decrees" and "regulations" has been issued to form an integrated package, the main points of which are provided below.

R&D - Innovation - Design Expenditures Subject To Discount In Determination Of Earnings

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New arrangements has been introduced into Article 3 of Law on Supporting Research and Development Activities No. 5746, which set forth the discount, exception, support and incentives in R&D and design centers and activities.

According to Cabinet Decree No. 2016/9092, issued in Official Gazette dated 10 August 2016, numbered 29797:

In R&D and design centers, which provided at least 20% increase in any of the following indicators; 50% of the increase in current year’s R&D and innovation or design expenditures compared to previous years, will be subject to discount in the determination of corporation earnings until 31 December 2023, as per article 10 of the Corporation Tax Law no 5520, and in the determination of commercial earnings as per article 89 of the Income Tax Law no 193;

Fields of Design Activities Within Nace Codes

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As part of a reform package, the Cabinet Decree No. 2016/9094 has been issued in Official Gazette dated 11 August 2016, numbered 29798, intended to include some innovative works, which are defined in Statistical Classification of Economic Activities in the European Community, Rev. 2 (NACE), within the "scope of design activities."

According to above mentioned Cabinet Decree, all innovative activities which; have the potential of creating added value and competitive advantage, and have the quality of increasing, developing, improving and diversifying the functionality of a product or/and products in the following fields specified Statistical Classification of Economic Activities in the European Community, (NACE Rev. 2) will be considered as design activity.

Activities Not Considered As R&D And Design Activity In Turkey

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In the first three article of our bulletin confined to substantial amendments in the field of R&D support, we provided the areas, activities and establishments that will be benefitting from the incentives and supports.

However, article 5 and 6 of the Regulation on Application and Control for Supporting Research, Development and Design Activities, which has been issued in Official Gazette dated 10 August 2016 numbered 29797, also specifies the activities that are not deemed as R&D and "design" activity.

Turkey Bans Bankruptcy Adjournment During State Of Emergency

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turkey-bans-bankruptcy-adjournment-during-state-of-emergencyCorporations and cooperatives in Turkey will have no right to demand postponement of bankruptcy during the state of emergency, declared as of 21 July 2016 for three months.

We have informed you that the state of emergency gives the government enhanced powers in every area; and that financial, material and labor obligations may be imposed on citizens within this period.

All claims of bankruptcy adjournments, which are being a controversial issue recently, are banned until the end of state of emergency period by Decree Number 669, dated 25 July 2016, issued according to  State of Emergency Law No. 2935, which reads as follows;

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