Date: 28 July 2010

Publishers: International Tax Review

Synopsis: Akbank's landmark USD1bn bond sale highlights the ongoing developments in Turkey on the application of withholding tax for foreign and Turkish bond issuers. Ali Şanver comments on the latest debate and provides a table on the withholding tax rates on interest and gains on Turkish securities.

Link: Access the article here

Contributor: Ali Şanver, Partner, Tax

Date: 4 June 2010

Publishers: TerraLex

Synopsis:

The analysis below addresses the issue of whether Articles 23/4 and 22/1/d of the Turkey/Italy and Turkey/Spain prevention of double taxation treaties offer a unique opportunity for cross-border financial structuring in relation to dividends, royalties and interest income.  For the reasons set forth below, this author believes that the deemed (notional) foreign tax credit available under the Spain/Turkey and Italy/Turkey tax treaties may offer additional benefits in relation to cross-border lending and investments in debt and equity issues, provided that local tax offices can be convinced to apply the international tax treaty provisions.

Link: TerraLex Newsletter (this article was also published by Lexis Nexis)

Contributor: Ali Şanver, Tax

Date: 4 June 2010

Publishers: TerraLex

Extract: 

The Turkish Labor Code (Law No. 4857) does not impose any non-compete obligations on employees. Nevertheless, during the currency of an employment contract, the obligation of fidelity (obligation de fidelite-Treuepflicht) can be contractually imposed on the employee requiring him to act in good faith and in the legal interests of the employer.

Any post-termination prevention of competition by the employee is regulated by the employment contract through a non-competition clause or by executing a separate "non-competition agreement" under the general provisions of the Code of Obligations (Law No.818) and the established principles of the Turkish Competition Board.  This Board, a governmental body established as per Article 20 of the Law Regarding the Protection of Competition (Law No. 4054) under the Turkish Competition Authority, ensures the formation and development of markets for goods and services in a free and sound competitive environment, observes the implementation of such law, and fulfills the duties assigned to it thereby.

Link: TerraLex Newsletter

Contributor: Gülnisa Coşkun, Lead Lawyer Employment

Date: 6 May 2010

Publishers: Law Business Research

Synopsis: The latest Global Competition Review publication Vertical Agreements reviews in question format the regulation of distribution practices in 42 jurisdictions worldwide. Pekin & Pekin contributed the Turkey chapter.

Link: Chapter is available to subscribers here

Contributor: Okan Or, Competition

Publication: Doing Business in ...2010: Turkey

Publishers: Practical Law Company in association with Lex Mundi

Download: Doing Business in Turkey 2010

Contributors: Nihan Bacanak, Gülnisa Coşkun, Erden Egemen, Okan Or, Orkun Özkan, İrem Su, Ali Şanver, Zeynep A. Tezcan, Yeliz Yüksel

Date: 15 February 2010

Publishers: Lexis Nexis

Synopsis: The analysis addresses the issue of whether Articles 23/4 and 22/1/d of the Turkey/Italy and Turkey/Spain prevention of double taxation treaties offer a unique opportunity for cross-border financial structuring in relation to dividends, royalties and interest income.  For the reasons set forth below this author believes that the deemed (notional) foreign tax credit available under the Spain/Turkey and Italy/Turkey tax treaties may offer additional benefits in relation to cross-border lending and investments in debt and equity issues, provided that local tax offices can be convinced to apply the international tax treaty provisions.

Link: Tax Law Community 

Contributor: Ali Şanver, Taxation