Tax
From The Report: Turkey 2012
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An overview of the new Turkish Commercial Code, as well as important considerations on the tax environment and its ramifications for foreign firms. The accountancy chapter is written by OBG’s partner in Turkey, Deloitte, and contains an interview with Anthony Wilson, the partner in charge for Deloitte Turkey.

Articles from this Chapter

Analysis

New principles: The updated commercial code will boost transparency and auditing standards
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The present Commercial Code – the basic law governing companies – has been in force since 1957 almost without modification. Its replacement has now been enacted and comes into force in stages. The first main stage is expected to be implemented on July 1, 2012. THE CODE: The new law’s requirements include: • Every company must maintain a website. The website must publish the company’s financial statements (starting from the 2013 statements). Until now there has been no public access…

Analysis

A business-friendly package: Incentives and other recent tax developments
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Foreign direct investment to Turkey totalled $74.8bn in the past five years. This is mostly due to the business-friendly environment prevailing in the country and the government’s continuous efforts to incentivise investments by both local and international investors. NEW REGIME: Within this framework, the government has recently announced a new investment incentive regime which can be described as the most comprehensive incentive package to date. The incentives provided by the new regime…

Overview

Legal liabilities: Ins and outs of Turkish tax law
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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 transactions are concentrated or carried out. All companies established in Turkey with foreign…

Viewpoint

Anthony Wilson, Partner in Charge, Deloitte Turkey, on the potential for deal volumes in Turkey to rise
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Over the course of 2011, Turkey saw a significant increase in deal transactions, both numerically and in terms of volume, and the outlook for the remainder of 2012 is very positive indeed. Some 74% of the deals in 2011, by value, involved foreign investors, representing a significant recovery from 2010, when only 36% of deals involved an international firm. The total deal value in 2010 was $29bn. However, it later transpired that $11.8bn of these deals (mainly large energy sector privatisations)…