Recent Developments in National Commercial Law
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
Debt Restructuring: An Alternative to Insolvency Proceedings, 1st Ed.
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 Leader – Ahmed Pekin
Date: 16 April 2014
Publisher: TP Week
Fırat Yalçın, Senior Associate in our tax department discusses advance pricing agreement (APA) regimes in Turkey and the approach which Turkey is taking to APA as they become increasingly popular options for taxpayers in certain situations.
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Expertise: Tax
Tax Team Leader – Ahmed Pekin
Date: 6 March 2014
Publisher: Practical Law Company
Overview: The Pekin & Pekin team provides readers with a Turkey-specific Q&A guide Private Client.
The Q&A guide aims to give a high level overview of tax; tax residence; inheritance tax; buying property; wills and estate management; succession regimes; intestacy; trusts; co-ownership; familial relationships; minority and capacity, and proposals for reform.
For more information on the practice and the team's track record contact Fırat Yalçın
Link: Read the Guide here.
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Expertise: Tax
Tax Team Leader – Ahmed Pekin
Date: 3 December 2013
Publisher: AsiaLaw IP
Overview
The special report from Asia Law IP provides insights ınto intellectual property rights and protection across the Middle East. The Turkey input, provided by Pekin & Pekin, will keep readers up to date on the latest legislative changes and approach to IP by the Turkish authorities..
Access the article here . If you are not a subscriber a copy of the special report can be gained from Özge Okat.
Date: 15 November 2013
Publisher: Global Legal Group
Overview: The Pekin & Pekin Tax team provides legal updates for those interested in tax law developments in Turkey. The Turkey chapter of the Global Legal Group Comparative Legal Guide to Corporate Tax 2014 written by the Tax team gives practical insights on tax for cross-border work, covering the below:
Tax treaties and residence Transaction taxes Cross-border payments Tax on business operations Capital gains Local branch or subsidiary? Overseas profit Taxation of real estate Anti-avoidanceDownload: Download the chapter here (the chapter has been reproduced with permission from Global Legal Group London) or buy the complete edition online.
Date: 8 November 2013
Publisher: International Financial Law Review
Overview: The award winning tier 1 Turkish legal Finance and Tax teams share their views on the current conditions affecting acquisition finance in Turkey: Key ares discussed are:
Bank licensing Taxes Security Interests Guarantees Enforcement Bankruptcy & Insolvency proceedings Financial assistanceDownload: The Article can be downloaded here.