According to the news published by Banking Regulation and Supervision Agency in Turkey, as of December 2019, there are 53 banks operating in Turkish Banking Sector as;

• 34 Deposit banks,
• 13 Development and Investment banks,
• 6 Participation banks.

Number of branches and personnel in banking sector decreased by 65 and 532, respectively when compared to the previous quarter (September 2019). As of December 2019 period, number of branches realized as 11.374 while number of personnel realized as 204.626.

Total assets of Turkish Banking Sector increased by 16,1% to TL 4.491 billion in December 2019 when compared to the previous year-end.

Of off-balance sheet items, – Contingencies increased by 4,4%; – Derivative financial assets increased by 10,9% in December 2019 when compared to the previous year-end.

The ratio of asset size of Turkish Banking Sector to GDP realized as 1,04 as of end-2018.

As of December 2019; share of deposit banks, participation banks and development and investment banks in total assets of the banking sector realized as 87%, 7% and 6% respectively. According to the ownership group; share of public, domestic private and foreign banks in total assets of the banking sector realized 41%, 33% and 26% respectively.

The ratio of FX assets in balance sheet to total assets realized as 43% while the ratio of total FX liabilities to total liabilities realized as 50%. The share of FX loans in total loans is 38% while the ratio of FX deposit to total deposit is 51%.

The share of loans, securities and required reserves in total assets realized as 59%, 14% and 4%, respectively. While deposit has the biggest share by 57% in total liabilities, share of payables to banks is 14% and funds from repo is 4%. The share of equities in total liabilities is 11%.

As of December 2019, size of contingencies realized as TL 815 billion.

As letters of guarantee is the biggest share in contingencies, share of letters of credit is 12%.

As of December 2019, derivative purchase amount realized as TL 1.617 billion and derivative sales amount realized as TL 1.606 billion. 50% of derivative transactions in off-balance sheet items is from swap money transactions, 33% from swap interest rate transactions and 6% is from forward exchange transactions.

In the income statement of banking sector, interest income realized as TL 420 billion and interest expense realized as TL 258 billion. As of December 2019, net income of Turkish Banking Sector is TL 50 billion.

Source: Banking Regulation and Supervision Agency / Link: https://www.bddk.org.tr/Announcement/Main-Indicators-Report-Released—December-2019/790
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

A company which is based in a foreign country wants to open a branch in Turkey.
Is it possible for its representative in Turkey to be a foreigner?
Since the company will make sales in Turkey, would it be subject to corporate tax?
Also, is it supposed to notarize the books?

The branch to be opened in Turkey will be subject to corporate tax as a ‘’limited taxpayer.’’
All notifications and declarations must be submitted.
In accordance with the Tax Procedure Law (TPL), commercial books must be notarized before the business starts.
The representative in Turkey must be ‘’a resident’’ in Turkey regardless of their nationality.

Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

Source: Revenue Administration

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.