News

New Developments on Turkish Private Pension System

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Employees who withdrew from the pension system will be automatically re-enrolled in a pension plan in two years. Employers may contribute for their employees if they wish so. As the effect date of Private Pension system (1st January 2017) is approaching, implementation details becomes clearer by issuance of regulations one …

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Validity and Cancellation of Work Permit in Turkey

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Turkey’s new “International Workforce Law No. 6735”, which is in effect as of 13 August 2016, sets forth new arrangements on validity and cancellation of work permit and work permit exemption. Pursuant to article 15 of said Law, in case of expiration or cancellation by Ministry, work permits and work …

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Turkish Cabinet Decree on Project-Based Investments Issued

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Details of the supports on project-based innovative, R&D focused and high value-added product investments announced by a cabinet decree issued in Official Gazette No. 29900, dated 26 November 2016. Law No. 6745, article 80 has been authorized council of ministers to decide and implement such supports and incentives.

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Turkey’s Project-Based Incentives Are in Force

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  100% Corporate Tax exemption, Value Added Tax exception, and Custom Duty exemption in the import of machinery and equipment, free land allocation and many other incentives will be granted for eligible investments. The “Law on Supporting Investments on Project-Basis … No. 6745,” intended to achieve innovative technology and higher …

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Labor Cost Estimation for the Year 2017 in Turkey

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It is only weeks to end of the year, and naturally the next year’s annual budget is on the agenda of all companies. Of course the budgets comprised of many cost/ income elements, no doubt it is very important to make correct predictions on employment costs for getting close to …

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2017 Minimum Wage Estimation in Turkey

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Turkey’s minimum wage is of particular concern to about 5 millions employees in the country, and will be announced in the forthcoming days. Almost all of the payroll parameters are derived from minimum wage which is determined by “Minimum Wage Fixing Board” (Labor Law 4857, article 39) every two years. …

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