Articles

Pekin & Pekin is a regular contributor to legal magazines, financial publications and industry websites. A selection of articles is below. To discuss any of the information given in the articles, please contact the author or our Managing Partner.

Date: 14 July 2015

Publisher: Wolters Kluwer (Center for International Legal Studies)

Senior Associate Erenalp Rençber provides his comments and analysis in a special issue of The Comparative Law Yearbook of International Business.

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Expertise: Commercial Law

Team Leader – Kemal Serdengeçti

Date: 12 December  2014

Publisher: TerraLex

Excerpt:

The Law regarding the amendments on Labor Law, Certain Laws and Statutory Decrees and the Restructuring of Certain Receivables (“Omnibus Bill”) (Law No.6552) (published in the 1. repeating Official Gazette dated September 11 2014, No. 29116) has been approved by the Grand National Assembly of Turkey on September 10, 2014 and has generally, entered into force on September 11, 2014 upon its publication in the official gazette. Certain articles listed under Article 145 of the Omnibus Bill may enter into force on different dates. However, the tax related regulations, which compose the subject matter of this article, have entered into force as of September 11, 2014. Within the scope of the Omnibus Bill, there are also several tax related regulations, some of which either extends or limits the scope of certain tax exemptions. However, it is noteworthy that, the Omnibus Bill provides the taxpayers with the opportunity to restructure their public debts (including tax debts) in the presence of Turkish tax and other authorities.

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Expertise: Tax

Tax Team Leader – Ahmed Pekin

Date: 12 December 2014

Publisher: European Lawyer Reference Series

Senior Partner Gökben Erdem Dirican and Senior Associate Erdem Atilla provide a view on insolvency alternatives in Turkey.

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Expertise: Insolvency & Bankruptcy

Team Leader – Gökben Erdem Dirican

Date: 26 June 2014

Publisher: TerraLex

Excerpt:

The Legal Ground of Transfer Pricing

Pursuant to Article 13 of the Corporate Income Tax Code (“CIT Code”) (Law No. 5520) (published in the Official Gazette dated June 21, 2006, No. 26205), in case corporations purchase or sell goods and services from and to related parties at value and price contrary to the arm’s length principle, the profit shall be deemed to have been distributed in whole or in part in a disguised manner through transfer pricing.

The transactions of purchasing, selling, manufacturing and construction, renting to and from, lending and borrowing money, transactions that require payments such as wages and bonus shall, under all circumstances, be deemed as the purchase and sale of goods and services.

The Concept of Related Party

The concept of related party is defined under Article 13/2 of the CIT Code. According to this article, related party means the following: shareholders of the corporation; the natural persons or corporations that the corporations or their shareholders are associated with; or the natural persons or corporations the administration, supervision or the capital of which depend directly or indirectly on them or which are under their influence. Spouses of the shareholders, ancestors and descendants of the shareholders or their spouses, as well as their other relatives by consanguinity or affinity of third degree or less, are considered related parties.

On the other hand, any and all kinds of transactions performed with the persons living in the countries or regions that are announced by the Council of Ministers, upon considering the identity of their taxation capacity and the level of taxation of their system with the taxation capacity created by the Turkish tax system, and the availability of exchange of information, may be deemed to have been performed with the related parties.

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Expertise: Tax

Tax Team Leader – Ahmed Pekin


 

Date: 17 April 2014

Publisher: International Tax Review

Fırat Yalçın of Pekin & Pekin looks at the taxation of foreign funds in Turkey.

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Expertise: Tax

Tax Team LeaderAhmed Pekin

Pekin & Pekin 10 Lamartine Caddesi Taksim 34437 Istanbul Turkey T: +90 212 313 3500 F: +90 212 313 3535 E: