Beamed onto TV screens across the Middle East, the Balkans and beyond, modern Turkish culture – particularly in the form of soap operas – has never been so popular. Indeed, Turkish soaps have been held responsible by many for the rise of the country’s “soft power” – and for surging tourism to Turkey, as fans come to visit the haunts of their TV heroes. The soap’s financials are…
Over the past decade, Turkey has experienced a number of important transitions that have led to demographic, economic and cultural transformation. These changes have made contemporary Turkey a regional focal point that many Turks regard as an extension of its influence in Ottoman times. Following the onset of a devastating banking crisis and severe economic recession in 2001, the Justice and…
RESIDENCE: Residents are fully liable under the Turkish tax system: that is, they pay taxes based on their worldwide income. Non-residents have limited liability and are subject to tax on their business earnings derived in Turkey. Corporations have full liability to Turkish taxation if their legal headquarters or business centres are in Turkey. Business centre is defined as a place where business…
The Turkish economy has emerged from the world’s most recent financial troubles relatively unscathed. That, coupled with its image as a star performer among emerging markets, has made the country a favourite destination for foreign capital. As a result of both this inflow of foreign capital and the accumulation and livening of domestic capital, the amount of large-scale investments in Turkey has…
Robust economic growth, fuelled by the recent spike in domestic credit and consumer activity, makes for heady days for the local advertising industry. That this growth is occurring as neighbouring European markets continue to be mired in difficulties further highlights the potential of Turkey’s economy going forward. GROWTH TREND: According to global consultancy PwC’s “Global Entertainment…
Long described as a “bridge of civilisations” by locals and travel writers alike, Turkey is now enjoying a new inspiring status: an island of stability. Surrounded by Arab uprisings and eurozone crises, the country is attracting attention and visitors with its economic growth and increasing international prominence. In 2011 Turkey hit its goal of 30m tourists and increased its income to $23bn…
A young, tech-savvy population with rising incomes and a receptivity to new ideas makes today’s Turkish media audience a desirable market for investors. A 2011 report by global consultants PwC suggested that by the end of 2015, Turkish entertainment and media would be worth roughly $11.4bn, with annual growth rates averaging 13.2% over the 2011-15 period. In line with these high expectations,…
Reforms to bring the country more into line with EU standards, driven by a widespread desire to make Turkey a more democratic and free-market-based economy, have gone hand-in-hand with increased government popularity, stability and economic growth. Indeed, there is a great new confidence in Turkish politics and society. This has also led to a greater assertiveness in the international field, where…
Undergoing a major transformation over the past decade, the Turkish economy is now the world’s 15th largest and the sixth largest in Europe, according to 2011 World Bank figures for GDP at purchasing power parity (PPP). The country has an estimated population of 74.7m, giving it the second-largest internal market in Europe, after Germany. Bordering that continent, as well as the Middle East and…
After outperforming many of its peers in 2010, the İMKB Borsa Istanbul (İMKB), had a challenging year in 2011. While bourses in many emerging markets declined, Turkey was particularly hard hit, mostly due to its weakening currency and the country’s exposure to the eurozone. Capital markets in Turkey remain among the most liquid in the region but are still underdeveloped and an underutilised…
