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Are sales made from the Free Zone in Türkiye counted as exports?

MuhasebeNews — Sat, 20 Jan 2024 20:27:16 +0000

Can we benefit from the deduction in Article 32/8 of the Corporate Tax Law for the profits obtained from the sales of goods abroad and subcontracting work from the Free Zone in Türkiye? Or should the export be made abroad?

32/8 of the Turkish Corporate Tax Law (KVK). The article is about manufacturers. KVK 32/7. KV in the article (related to Export) is paid with a 5% discount (20%). Sales in the free zone are subject to export.

Source:
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.

In 2018, 61.265 books were published

MuhasebeNews — Wed, 17 Apr 2019 14:24:33 +0000

International Standard Book Number (ISBN) Statistics, 2018

In 2018, 61 thousand 265 books were publishedIn 2018, total number of published materials was 67 thousand 135 with an increase of 11.3% as compared with 2017. In 2018, 67 thousand 135 ISBN were given for 61 thousand 265 books, 391 electronic books (DVD, VCD, CD), 5 thousand 177 electronic books (web based), 28 talking books (cassette, CD, DVD) and 274 other materials.

Number of publications by type and topic of material, 2017-2018

The 91.8% of publications were published by the private sector

In 2018, materials that were published by the private sector were 61 thousand 607 with an increase of 10.7% compared to 2017. The distribution of published materials by publisher type was respectively 91.8% published by private sector, 5.8% by public and educational institutions and 2.5% by non-governmental organizations in 2018.

The 32.2% of publications were published on educational issues

The 32.2% of the materials published in 2018 was on education, 17.4% was on adult culture, 16% was academic, 15.8% was on adult fiction, 13.9% was on children and adolescence, 4.7% on religion. For the language of published material, 92.1% was Turkish, 4.7% was English and 3.2% was of other languages.

The highest increase was in academic publications with 32%

In 2018, the number of academic publications was 10 thousand 751 with an increase of 32% and educational publications was 21 thousand 628 with an increase of 26.1% as compared with 2017.

Number of book banderol sold was increased by 0.7%

In 2018, the number of book banderol sold was 410 million 641 thousand 305 with an increase of 0.7% as compared with 2017.

The next release on this subject will be on April, 2020.

Source: TÜİK
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.

Is it possible for foreigners to obtain property in Turkey?

MuhasebeNews — Thu, 11 Apr 2019 14:46:02 +0000

Is it possible for foreigners to obtain property in Turkey?

There are three ways for foreigners to obtain property in Turkey based on their status:

1- Obtaining property as a real person
2- Obtaining property as a foreign company (established in other countries)
3- Obtaining property as a foreign-invested company (established in Turkey)

Source: yoik.gov.tr
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 are the employment types in Turkey?

MuhasebeNews — Thu, 11 Apr 2019 14:18:01 +0000

What are the employment types in Turkey? Is part-time working or temporary employment possible?

The Labor Law numbered 1475 that regulates the employee-employer relationship was amended and took effect in 2003 within the framework of harmonization with the EU acquis and the agreements of International Labor Organization (ILO) and according to the economical and technological developments and the arousal of new employment relationships.

The Law aims to create new employment opportunities and appropriate working conditions for employers based on the necessities of our time through preparing new employment models which bring flexibility to the working hours.

In accordance with Law, the employment models in Turkey are as follows:

1- Employment for a definite term
2- Part-time employment
3- On-call work
4- Temporary employment relationship

Source: YOİK
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.

How many types of work permits are there in Turkey?

MuhasebeNews — Wed, 10 Apr 2019 14:40:16 +0000

How many work permits are there according to the law?

There are 3 types of work permits.

1- Temporary Work Permit

Unless otherwise provided in the bilateral and multilateral agreements that Turkey is a party of, the work permit is provided for a year at most depending on the situation of the labor market, developments in the business life, the sectorial and cyclical changes regarding employment, the period of the residence permit and employment contract of the foreigner.

After a year, this period may be extended up to 3 years upon request on condition that the employment is in the same profession and employer. Following the completion of the 3-year period, it may be extended up to 6 years on condition that the employment is in the same profession (the employer may be different this time.)

2- Permanent Work Permit

Permanent work permits, unless otherwise stipulated by bilateral or multilateral agreements, are granted to foreigners who have been in Turkey as legal residents for at least eight years without interruption and as worker for at least six years, without considering the situation of the labor market, developments in the business life and being limited to a specific business, profession, landed property or a geographical area.

3- Independent Work Permit

Foreigners to work independently are given work permit on condition that they have been legal workers and residing in Turkey without interruption for 5 years.

Work permits in exceptional situations; Unless otherwise provided in the bilateral and multilateral agreements that Turkey is a party of, the foreigners listed in Article 8 of Law numbered 4817 are given work permit without being subject to the periods stated in the Law.

Source: Yoik
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.

Maximum monthly real profit rate was realized in US Dollar – March 2019

MuhasebeNews — Tue, 09 Apr 2019 08:20:00 +0000

The Rates of Real Profits Created by Means of Financial Investment, March 2019

Maximum monthly real profit rate was realized in US Dollar
US Dollar, one of the financial investment tools, yielded the highest monthly real profit with the rates of 1.98% and 2.53% according to domestic producer price index (D-PPI) and consumer price index (CPI), respectively.

According to D-PPI, the monthly real profit rate of Euro and gold (ingot) yielded real profit with the rates of 1.60%, 0.83%. However, the monthly real profit rate of investors of deposit interest, government domestic debt instruments (GDDI) and stock exchange lost by 0.18%, 3.48% and 3.50% respectively. According to CPI, the monthly real profit rate of Euro, gold (ingot) and deposit interest yielded real profit with the rates of 2.16%, 1.38%, 0.37% respectively. However, the monthly real profit rate of investors of GDDI and stock exchange lost by 2.95% and 2.98% respectively.

Stock exchange made the highest real profit with the rates of 7.59% according to D-PPI and 7.45% according to CPI, quarterly. In the same period, investors of Euro made the highest loss with the rates of 0.10% and 0.22% according to D-PPI and CPI.

Bi-annually, GDDI made the highest real profit with the rates of 24.31% according to D-PPI, 18.48% according to CPI. In the same period, investors of Euro made the highest loss with the rates of 15.00% and 18.98% according to D-PPI and CPI, respectively.

Maximum annual real profit was created by US Dollar investors

Annually, US Dollar made the highest real profit with the rates of 8.27% according to D-PPI and 17.25% according to CPI. However in the same period, investors of stock exchange made the highest loss with the rates of 33.28% according to D-PPI and 27.74% according to CPI.

The monthly real profit rates created by means of financial investment, March 2019

The next release on this subject will be on May 09, 2019.

Can there be deductions from the worker’s wage for the losses?

MuhasebeNews — Mon, 08 Apr 2019 12:26:34 +0000

SUBJECT

About cutting back on the worker’s wage due to loss.

QUESTION
…
There are construction contract works we do as a subcontractor.
We employ a lot of workers in sites.
There are a lot of entrances to and exits from the site.
There are workers we employ in these sites according to score method.
We make a lot of expenses when emloying these workers, such as medical examination, uniform etc.
These people don’t come to work 1-2 days after the start date of employment.
The expenses we make for these people return to us as losses.
We want to cut back on that person’s wage for the expenses we make.
How should we proceed in order to not have any difficulties in terms of both the personnel and SSI (Social Security Institution)
…
(13.11.2018 15:19)

ANSWER
There can be deductions from the equipment, uniforms etc. that are given to the worker only for the losses.

Source: Ismmmo
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.

Can airline companies make transactions with foreign exchange when making an acquisition?

MuhasebeNews — Mon, 08 Apr 2019 10:26:34 +0000

SUBJECT

About airline companies making transactions with foreign exchange.

QUESTION

…I’m working for an airline company. In accordance with article 17 of the notice published on 6th of October 2018 regarding the decision numbered 32 about Protection of the Value of Turkish Currency, can we accept all purchase agreements in foreign currency except for real estate selling, leasing and labor agreements without considering if the service provider abides by the exceptions?

(13.11.2018 12:18)

ANSWER

We think that you can make transactions in foreign currency.

Source: Ismmo
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.

Is a board member of a foreign Inc. required to obtain a work permit?

MuhasebeNews — Mon, 08 Apr 2019 08:26:49 +0000

SUBJECT

About foreign board members obtaining a work permit.

QUESTION

Inc. with 3 partners
2 partners are foreign
1 partner is Turkish

All shares are transferred to one of the partners.
The number of board members is dropped to a single person.

This foreign person have also become the chairman of the board.
Is this person required to obtain a work permit?

(13.11.2018 11:56)

ANSWER

It is evaluated that board members in incorporated companies are not required to obtain work permit and that in the case of working de facto and residing in our country continuously, it is beneficial for these members to get certificate of residence and work permit certificate.

Source: SSI
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.

EU retail sales volume increased in February

MuhasebeNews — Thu, 04 Apr 2019 14:45:29 +0000

European Union Statistics Office (Eurostat) published the February data on retail sales of European countries.

The seasonally adjusted retail sales volume increased for both EA19 and EU28 by 0,4%. The index raised by 2,8% in the Euro area and 3,3% in EU29, compared to the same months of the previous year.

The retail sales index increased by 0,9% for non-food products and 0,1% for food, beverage and tobacco products while it decreased by 0,7% for automotive fuel.

The same index increased by 0,1% for non-food products while decreasing by 0,1% for food, beverage and tobacco products and 0,2% for automotive fuel.

Among the countries for which data is available, the largest monthly increases in the total trade volume were recorded for Croatia (4.4%), Belgium and Latvia (1,6%). The largest decreases were seen in in Slovakia (1,5%), Portugal (1,0%) and Bulgaria (0,6%).

Compared to the same month of the previous year, the largest increases in the total retail trade volume was recorded in Slovakia (11,8%), Croatia (11,4%) and Romania (9,1%).

Source: Eurostat
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.