Landmark billion dollar transaction by Turkish bank [Akbank] subject to withholding tax

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

Published on: July 2010

Corporate Acquisitions and Mergers - Turkey

Date: 23 July 2010

Publishers: Wolters Kluwer

Publisher Information

Corporate Acquisitions and Mergers provides a one-stop guide to the local practical issues involved. Some of the world's most distinguished law firms, each of them identified as a leading firm in the mergers and acquisitions field in their own country, offer a rich source of information and advice on domestic issues arising on M&A transactions.

The book has been restructured and expanded to cover all the most significant economies in the world (some 50 countries in all). The work is kept up-to-date by regular supplements, which track the key changes and developments in national laws and practice affecting mergers and acquisitions. The work now offers a truly global coverage.

Link: Access chapter for Turkey here

Contributor: Ayça Sevimay and the Corporate Team

Published on: July 2010

Vertical Agreements 2010

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

Published on: May 2010

Doing Business in ...2010: Turkey

Publication: Doing Business in ...2010: Turkey

Publishers: Practical Law Company in association with Lex Mundi

DownloadDoing Business in Turkey 2010

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

Published on: April 2010

Turkey/Italy and Turkey/Spain Prevention of Double Taxation Treaties and their Impact on Cross-border Transactions

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

Published on: February 2010

Real Property Law in Turkey

Date: 4 February 2010

Title: Real Property Law in Turkey: Purchasing Immovables and Acquiring Real Rights Over Immovables

Publishers: TerraLex

Synopsis: In recent years Turkey has seen positive developments in real property law, strengthening the country’s appeal as a venue for foreign investment. For members of the European Union in particular, incentives for the acquisition of immovables (e.g., lands, houses and farms) and real rights other than ownership over immovables by foreign real persons and legal entities are on the rise. From a legislative perspective the regulatory environment is complex – under the Constitution everyone is entitled to the right of ownership and inheritance, as long as the rights are not contrary to the public benefit; however, foreigners may find that the right of ownership may be restricted in compliance with international law.

Link: Access the article here

Contributor: Vural Günal, Can Canko, Advisory

Related Links


Real Estate and Construction

Published on: February 2010

Cash pooling in Turkey - an end to prohibition

Date: 5 November 2009

Publishers: Pekin & Pekin

Excerpt: Slowly but surely, financial law in Turkey is moving toward global standards. Turkish banks are currently in the midst of implementing new cash pooling policies, following amendments passed last year to the foreign exchange regulations. In line with the newly legalised practice of physical pooling, Turkish companies are now able to transfer via banks cash funds abroad for investments or to conduct commercial activities through a newco, partnership or branch, allowing for the reciprocal flow of funds.

Download: Full article

Contributor: Fuat Tuaç: Banking & Finance

Published on: November 2009

Law of accelerating returns

Date: October 2009

Publishers: CNBC Business

Synopsis: Commentary on the future of Turkey, EU accession and the Firm.

Download: CNBC Business p47

Link: CNBC Magazine

Contributors: Ahmed Pekin and Fethi Pekin

Published on: October 2009

Anti-money laundering in Turkey

Date: September 2009

Publishers: International Bar Association Anti-Money Laundering Forum

Synopsis: The IBA's Anti-Money Laundering Forum is a lawyer's guide to legislation and compliance. Internet-based, the network group assists lawyers in dealing with their current responsibilities in connection with new anti-money laundering legislation.

Link: The Turkey section can be accessed here

Contributor: Fuat Tuaç: Banking & Finance

Published on: September 2009

The Real Estate Survey: Part IV Issues Related to Commercial Leasing

Date: August 2009

Publishers: Lex Mundi Real Estate Practice Group

Synopsis: This latest survey from the Lex Mundi Real Estate Practice Group provides an overview of the important issues involved in the leasing of commercial real estate projects. Topics discussed include the liability for transfer taxes payable on the creation or assignment of a lease, the formal requirements for the execution of a lease and any restrictions on the transfer of ownership of real properties subject to a lease.

DownloadsTurkey             Complete survey

Contributor: Sinan Borovalı:Real Estate & Construction

Related links

Part I Issues Related to Foreign Investment

Turkey                    Complete survey

Part II Issues in Ownership of Real Property

Turkey                    Complete survey

Part III Issues Relating to Finance

Turkey                    Complete survey

Published on: August 2009