Source: Central Bank of the Republic of Türkiye
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: Central Bank of the Republic of Türkiye
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.

Although recently released data point to a stronger economic activity than anticipated, recession concerns in developed economies as a result of ongoing geopolitical risks and interest rate hikes continue. While the negative consequences of supply constraints in some sectors, particularly basic food, have been alleviated by the strategic solutions facilitated by Türkiye, the high level in producer and consumer inflation continues on an international scale. The effects of high global inflation on inflation expectations and international financial markets are closely monitored. The divergence in monetary policy steps and communications of central banks in advanced economies continue to increase due to their diverse economic outlook. It is observed that central banks continue their efforts to develop new supportive measures and tools to cope with the increasing uncertainties in financial markets. Additionally, financial markets have been adjusting their expectations that the central banks would end the rate hike cycles in the near term on the back of the recession risks.

Before the worst natural disaster of the last century, leading indicators have been pointing to a stronger domestic demand compared to foreign demand as well as an increase in the growth trend in the first quarter of 2023. The impact of the earthquake on production, consumption, employment and expectations is being extensively evaluated. While the earthquake is expected to affect economic activity in the near term, it is anticipated that it will not have a permanent impact on performance of the Turkish economy in the medium term. While share of sustainable components of economic growth increases, the stronger than expected contribution of tourism revenues to the current account balance continues throughout the year. On the other hand, domestic consumption demand, high level of energy prices and the weak economic activity in main trade partners keep the risks on current account balance alive. Sustainable current account balance is important for price stability. The rate of credit growth and allocation of funds for real economic activity purposes are closely monitored. As announced in the 2023 Monetary Policy and Liraization Strategy document, the Committee will continue to decisively use the tools supporting the effectiveness of the monetary transmission mechanism and the entire policy toolset, particularly funding channels, will be aligned with liraization targets. The Committee will prioritize the creation of supportive financial conditions in order to minimize the effects of the disaster and support the necessary recovery.

While level and underlying trend of inflation have been improved with the support of the implemented integrated policy approach, the effect of earthquake driven supply-demand imbalances on inflation is closely monitored. It has become even more important to keep financial conditions supportive to preserve the growth momentum in industrial production and the positive trend in employment after the earthquake. Accordingly, the Committee decided to reduce the policy rate by 50 basis. The Committee assessed that the current monetary policy stance after the measured reduction is adequate to support the necessary recovery in the aftermath of the earthquake by maintaining price stability and financial stability. The effects of the earthquake in the first half of 2023 will be closely monitored.

The CBRT will continue to use all available instruments decisively until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is achieved in pursuit of the primary objective of price stability. The CBRT will implement Liraization Strategy in order to create an institutional basis for permanent and sustainable price stability. Stability in the general price level will foster macroeconomic stability and financial stability through the fall in country risk premium, continuation of the reversal in currency substitution and the upward trend in foreign exchange reserves, and durable decline in financing costs. This would create a viable foundation for investment, production and employment to continue growing in a healthy and sustainable way.

The Committee will continue to take its decisions in a transparent, predictable and data-driven framework.

Source: Central Bank of the Republic of Türkiye
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.

According to the news of Hürriyet Daily News, the Turkish Treasury borrowed 8.85 billion Turkish liras ($1.5 billion) from domestic markets on Dec. 17.

Some 4.7 billion Turkish liras ($798.8 million) in two-year fixed coupon Treasury bills — semiannually, reopen, third issue — were sold in the first auction, the Treasury and Finance Ministry announced.

The Treasury bills will be settled on Dec. 18 and mature on Oct. 20, 2021.

The total tender amounted to 6.85 billion Turkish liras ($1.1 billion), with a 68.9 percent accepted/tendered rate.

The Treasury said the term rate of the 672-day Treasury bills was accepted at 5.77 percent, while the annual simple and compound interest rates were 11.55 percent and 11.88 percent, respectively.

In the second auction, the Treasury issued five-year CPI indexed bonds — semiannually, reopen, second issue — totaling 2.2 billion Turkish liras ($373.9 million).

The bonds will be settled on Dec. 18 with a maturity date of Nov. 11, 2024.

The total tender in the second auction amounted to 3.25 billion Turkish liras ($552.3 million), with a 68.2 percent accepted/tendered rate.

The term rate of 672-day government bonds was accepted at 1.46 percent, while the annual simple and compound interest rates were 2.92 percent and 2.94 percent, respectively.

The ministry also issued lease certificates worth 1.95 billion Turkish liras ($331.4 million) on Dec. 17.

Certificates will be settled on Dec. 18 with a maturity date of Dec. 15, 2021.

Under the ministry’s borrowing strategy, the Treasury projects holding 19 bond-auctions and a direct sale of lease certificates during the December-February period to borrow some 61.6 billion Turkish liras ($10.7 billion) from domestic markets.

Source: Hürriyet Daily News / link: http://www.hurriyetdailynews.com/turkish-treasury-borrows-1-5b-from-domestic-markets-149978
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.

1- What is the definition of discretionary capital?

The debts which was collected directly or indirectly by the kin or related to the kin of the companies or of the partners, and are three times more than the stockholders equity in the account period, are considered to be the discretionary capital within the related account period.

 2- How is it evaluated if the bank and the loan society are the related person?

During the Above mentioned comparison, apart from the debts provided by loan societies provides financial help to the related companies, %50 percent of the debts held upon the partners or the kin of the partners, are taken into consideration.

3- What is discretionary capital in the firs article?

Discretionary capital means the stockholders equity in the account term, detected by the tax procedure law.

4- Is discretionary capital calculated, if stock is taken by Istanbul securities exchange office?

In the case that the capital in the İstanbul Securities exchange office is attained, at least %10 percent public partnership interest is taken.

5-Which cannot be considered to be discretionary capital?

The Debts to third person who are related to the institutions or the related to the kin of the institutions in exchange for non-cash deposits. The debts attained by banks, finance institutions or by capital markets, and used by institutions or by the partners or the people related to these partners.

The debts attained by the banks that carry out operations according to the Banking Law no .411.

Financial Leasing companies within the scope of Financial Leasing Law no.3226, financial or factoring companies that carry out its operation within the scope of Money Lending Delegate Legislation no.90.

And the debts attained by the banks of the partners of the organizations or the related people of the partners.

Discretionary capital is considered to be the amount forwarded to corporate office as the bonus for the last day in the practice of income tax and corporation taxes act.

Previous tax transactions, within the scope of exchange difference of the discretionary capital, will be issued within the eyes of the taxpayers.

It is necessary that the tax imposed on the institution that uses discretionary capital needs to be confirmed and paid.

Category: Tax

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.

What is the Subject of the Profession of Certified Public Accountancy and Sworn Certified Public Accountancy?
Article 2. 
a. keeping books; preparing the balance sheets, profit and loss statements, tax returns and other relevant documents in line with generally accepted accounting principles and the provisions of the relevant legislation.
b. establishing and improving accounting systems, regulating administration, accounting, finance, financial legislation and performing the jobs related to their applications and providing advisory services in the related fields.
c. Based on the relevant documents on issues specified in the paragraph stated above, performing investigations, analyses and audit, presenting written opinions concerning financial statements and tax returns, preparing reports and similar documents, performing arbitration, expertise and similar services.Persons, who perform the activities mentioned above independent from a business entity, are regarded as “Certified Public Accountants”.

In addition to the duties specified in sub-paragraphs (b) and (c) of Paragraph (A) above, the subject of the profession of “Sworn Certified Public Accountancy” also includes the application of certification within the scope of the regulation to be promulgated in compliance with Article 12 of the Law. Sworn-in Certified Public Accountants cannot keep books related to accounting, cannot establish an accounting office and cannot become partners to the accounting offices that have already established.

What are the General Conditions to be a Certified Public Accountant?
Article 4.
a. Turkish citizenship (provisions for foreign Certified Public Accountants remain reserved).
b. being competent in exercising the civil rights.
c. Not being deprived of public rights.
d. Although the time periods specified in the 53rd article of Turkish Criminal Code are terminated, not to be sentenced to one or more years imprisonment because of an intentional crime or not to be sentenced to the crimes violating the safety of the state even if it was forgiven, and the crimes against constitutional system and the progression of it, crimes against national defense, crimes against state secrets and crimes of espionage, embezzlement, malversation, bribe, theft, fraud, falsification, breach of confidence, fraudulent bankruptcy, rigging an auction, money laundering or smuggling.
e. Not being penalized by expulsion from the government service consequent to an investigation.
f. Not possessing conditions incompatible with the honor and dignity of the profession.

What are the Conditions to be a Certified Public Accountant?
Article 5.
a. having at least a B. A. degree in law, economics, business administration, accounting, banking, public administration and political science from a Turkish university, or from foreign universities offering degrees equivalent to their Turkish counter parts, on the condition that this equivalence is ratified by the Higher Education Committee, or holding a post-graduate degree in one of the disciplines mentioned above, following an undergraduate degree received in a different branch.
b. working as a trainee for at least three years.
c. passing the examination for Certified Public Accountants.

This condition does not apply to the inspectors of public banks rendering audit services throughout the country, to individuals authorized for inspection in compliance with the relevant legislation, to the applicants who have served in public institutions and establishments after having received such authorizations, and to the individuals who have given lectures in the universities on the above mentioned subjects as members of the teaching staff for a period of at least 8 years.

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.

During Luxembourg’s Deputy Prime Minister and Economy Minister Etienne Schneider’s speech at the Business Forum, he highlighted the importance of developing bilateral economic and trade relations between two countries, and cooperation of finance sectors. Even though, finance sectors makes up the 25% of Luxembourg’s GDP, other sectors such as information technology, steel industry, renewable energy and automotive must be taken into consideration. Confidence and sustainability is important regarding investment. Schneider stated his hopes that the recent tensions between Turkey and EU member states will soon end and reminded that communication channels between stakeholders must be open.

Turkish Ecconomy Minister Nihat Zeybekci stated that two countries have reached current trade volume of 200 million USD just in 15 years, thus, a target of 1 billion USD can be reached in a short amount of time. He reminded once more that there is no other country that want to renew 40% of its total housing and has a potential of 200 billion USD. He expects cooperation in the sectors of logistics and finance. Luxembourg is Turkey’s biggest fifth foreign direct investor and Turkey has reached a milestone regarding Turkish-EU economic relations. Renewal of Custom Union will expand Turkey’s economic relations with EU and it will make Turkey a decision maker. Zeybekci also thanked to the Luxembourg government for its firm stance to 15^th of July. He highlighted Turkey’s economic performance in 2016 and added that export has been increasing since November.

DEİK’s President Vardan reminded that there is a business opportunity in the fields of logistics, finance, ecotechnology, renewable energy, aerospace technology, biotechnology and innovative technology. “Turkey is an important center for international investments and investors, and a crossroad for investments in third countries. Many European countries manage its investments and operations over Turkey and set partnerships with Turkey” said Vardan during his speech. He invited businesspeople from Luxembourg to invest in Turkey.

There is a huge economic potential in logistics and finance sectors, he continued “At the heart of Europe, Luxembourg is Western Europe’s logistics center and it can complete its mission by getting together with Turkey. We know that our government is actively supporting this sector, as Turks we believe in the power of Turkish logistics sector and that cooperation between two countries should increase”. Luxembourg has the world’s third largest fund and has highest ratings from three different credit rating agencies. Turkey needs to cooperate with Luxembourg in finance sector and Islamic finance instruments can stand out in Turkey.

DEİK/Turkey-Luxembourg Business Council President Pınar Eczacıbaşı, stated that increasing cooperation between two countries will enable trade growth. “Our goal as the Business Council is to increase mutual investment of 1 billion USD. Total trade volume is 200 million USD, thus as business communities we need to try and work harder”.

Turkey-Luxembourg Trade Figures (Ministry of Economy- 2016)
Turkish export to Luxembourg: 60 Million USD
Main export items: Passenger boats, plastics, iron-steel, textile
Turkish import from Luxembourg: 134 Million USD
Main import items: Iron-steel, plastics, machine and devices
Trade volume: 194 milllion USD
Trade balance: 75 million USD in favor of Luxembourg

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.

What is the Subject of the Profession of Certified Public Accountancy and Sworn Certified Public Accountancy?
Article 2. 
a. keeping books; preparing the balance sheets, profit and loss statements, tax returns and other relevant documents in line with generally accepted accounting principles and the provisions of the relevant legislation.
b. establishing and improving accounting systems, regulating administration, accounting, finance, financial legislation and performing the jobs related to their applications and providing advisory services in the related fields.
c. Based on the relevant documents on issues specified in the paragraph stated above, performing investigations, analyses and audit, presenting written opinions concerning financial statements and tax returns, preparing reports and similar documents, performing arbitration, expertise and similar services.
Persons, who perform the activities mentioned above independent from a business entity, are regarded as “Certified Public Accountants”.

In addition to the duties specified in sub-paragraphs (b) and (c) of Paragraph (A) above, the subject of the profession of “Sworn Certified Public Accountancy” also includes the application of certification within the scope of the regulation to be promulgated in compliance with Article 12 of the Law.

Sworn-in Certified Public Accountants cannot keep books related to accounting, cannot establish an accounting office and cannot become partners to the accounting offices that have already established.

What are the General Conditions to a Certified Public Accountant?
Article 4.
a. Turkish citizenship (provisions for foreign Certified Public Accountants remain reserved).
b. being competent in exercising the civil rights.
c. Not being deprived of public rights.
d. Although the time periods specified in the 53rd article of Turkish Criminal Code are terminated, not to be sentenced to one or more years imprisonment because of an intentional crime or not to be sentenced to the crimes violating the safety of the state even if it was forgiven, and the crimes against constitutional system and the progression of it, crimes against national defense, crimes against state secrets and crimes of espionage, embezzlement, malversation, bribe, theft, fraud, falsification, breach of confidence, fraudulent bankruptcy, rigging an auction, money laundering or smuggling.
e. Not being penalized by expulsion from the government service consequent to an investigation.
f. Not possessing conditions incompatible with the honor and dignity of the profession.

What are the Conditions to be a Certified Public Accountant?
Article 5.
a. having at least a B. A. degree in law, economics, business administration, accounting, banking, public administration and political science from a Turkish university, or from foreign universities offering degrees equivalent to their Turkish counter parts, on the condition that this equivalence is ratified by the Higher Education Committee, or holding a post-graduate degree in one of the disciplines mentioned above, following an undergraduate degree received in a different branch.
b. working as a trainee for at least three years.
c. passing the examination for Certified Public Accountants.

This condition does not apply to the inspectors of public banks rendering audit services throughout the country, to individuals authorized for inspection in compliance with the relevant legislation, to the applicants who have served in public institutions and establishments after having received such authorizations, and to the individuals who have given lectures in the universities on the above mentioned subjects as members of the teaching staff for a period of at least 8 years.

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.

Placing a great emphasis on innovations, Unilever allocates about EUR 1 billion per year for R&D operations and pioneers scientific studies, while offering the highest quality products to its consumers.

Unilever is conscious of the responsibilities associated with being an industry leader and manufacturer of several major brands. In recognition of this, Unilever is aiming to grow its business, reduce its environmental footprint, and increase its positive social impact in an effort to leave a better future to next generations through its Sustainable Living Plan launched in 2010. The plan is built on three key pillars of decoupling business growth from the environmental impact, helping more than a billion people to improve their health and well-being, and sourcing 100 percent of agricultural raw materials sustainably by 2020.

SUBCOMPANIES
Existing in Turkey since the second half of the 19^th century, Unilever has been creating added-value for Turkey and its citizens for over 100 years. Unilever continues operating as part of the lives of 51 million Turkish consumers every month with its 30 brands on the market. The Unilever Turkey portfolio includes;

• OMO,
• Rinso,
• Yumoş,
• Domestos,
• Cif,
• Sunlight,
• Elidor,
• Dove,
• Dove Men,
• Toni&Guy,
• Signal,
• Clear,
• Rexona,
• Lux,
• Axe,
• Sana,
• Lipton,
• Knorr,
• Calve,
• Becel,
• Algida,
• Carte d’Or,
• Cornetto,
• Fruttare,
• Nogger,
• Magnum,
• Max,
• UFS,
• Vaseline

UNILEVER IN TURKEY
Unilever had its first investment in Turkey in 1952 in the Sana factory in Bakırköy, Istanbul, and has positioned Turkey as a priority country in terms of investments ever since. Attaching great importance to investing in the Turkish people, farmers, and suppliers, Unilever considers Istanbul, now a shining star worldwide, to be a hub for R&D, brand-product development, logistics, information-communication, and finance.

“Unilever Turkey today is a company manufacturing in eight factories, employing over 5,000 people, touching thousands of suppliers, and exporting millions of dollars worth of goods per year. Turkey is one of the priority markets for Unilever. That is why Unilever Global keeps on investing constantly in Turkey, a key regional hub, to improve the sustainable growth capacity. Following our investment worth EUR 95 million in our Algida ice-cream factory in Konya that began operating in June 2013, we are now investing in the home and personal care category in Konya this time. With this new factory and this new investment, we are creating a value of about EUR 350 million along with our future suppliers. Anticipated to start operating in 2016, our new factory will be one of the five largest manufacturing plants of Unilever worldwide and will be a driver of growth for the next 40-50 years.”

Mehmet Altinok

CEO Unilever Turkey

 Date: 13 March 2017

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.