Turkish Laws – Muhasebe News

How to be a Sworn Certified Public Accountant in Turkey?

MuhasebeNews — Fri, 17 Aug 2018 17:00:44 +0000

The following conditions are applied in order to become a Sworn Certified Public Accountant according to Turkish Laws:

1. There should be at least ten years of experience as a Certified Public Accountant,
2. Passing the Sworn Certified Public Accountant examination
3. Receiving a license for practicing as a sworn certified public accountancy
4. Taking an oath written below in the Court of First Instance

The Oath:
“Being fully aware that the profession of sworn certified public accountancy is a public service, I swear on my honor that I will obey the laws of the Turkish Republic, and the rules, and ethics of the profession, that I will remain fully independent, impartial and honest in the performance of my profession, and that I will exert utmost care and attention in my undertakings “.

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 Turkish Laws, Should the Overpaid Tax be Paid Back if the Liquidation Period Ends with Loss?

MuhasebeNews — Thu, 16 Aug 2018 08:00:57 +0000

1- WHICH PERIOD IS VALID FOR THE TAXATION OF COMPANIES THAT ARE IN LIQUIDATION PERIOD?
Liquidation Period: The taxation of a company going into liquidation (whatever the reason is) will be done in liquidation period instead of financial period.

2- WHEN DOES THE LIQUIDATION PERIOD BEGIN AND END?
Liquidation begins when general assembly resolution about the liquidation of the company is recorded and ends when liquidation decision is recorded. For the period from the starting date to the end of the same year and each calendar year after that period and the ending of the liquidation; the period from the beginning of the related calendar year to the end of the liquidation period is regarded as an independent liquidation period.

If the liquidation period ends within the year when the liquidation begins, liquidation period begins from the liquidation date and lasts until the end of the liquidation.

2- IF THE LIQUIDATION PERIOD ENDS WITH LOSS, SHOULD THE OVERPAID TAX BE PAID BACK?
If the liquidation period ends with loss, the results in liquidation should be corrected and the overpaid tax should be paid back to the taxpayer in aforementioned period.

3- IF THE LIQUIDATION LASTS MORE THAN ONE YEAR, WHEN DOES THE ASSESSMENT TIMEOUT BEGINS?
If the liquidation lasts more than one year, assessment timeout will begin one year later after the liquidation period ends.

4- IF ONE GIVES UP LIQUIDATION, CAN THE LIQUIDATION PROVISIONS BE APPLIED?
If one gives up liquidation, the liquidation provisions will not be applied to the company.
4.1- The decision about giving up liquidation is valid from the beginning of the period when the decision is made.
4.2- Liquidation returns that are done until the date when one gives up liquidation will be regarded as normal returns.
4.3- The obligations related to the advance tax of a company that gives up liquidation will begin from the beginning of advance tax period including the date when the liquidation is given up.

Source: Corporate Tax Law

If You Wouldn’t Like to Take on a Task That the Employer Suggests, You May Terminate Your Labor Agreement According to Turkish Laws!

MuhasebeNews — Thu, 22 Mar 2018 14:00:06 +0000

IF AN EMPLOYEE REFUSE TO HAVE POSITION THAT EMPLOYER SUGGESTS, CAN AN EMPLOYER IMPOSE A SANCTION?
If it is stated in the agreement that every kind of amendment will be accepted by the employee, this article enables employer to make every kind of amendments.

If the employee does not accept the amendments, labor agreement can be terminated on the grounds that it is noncompliance with the agreement by resting upon this article. It is not possible to claim contrariwise, since the article is expressed clearly.

Source: Labor Law

How Many Days Does a Redundant Employee Have in Order to Bring a Lawsuit According to Turkish Laws?

MuhasebeNews — Sat, 17 Mar 2018 08:00:26 +0000

An employee whose labor contract is terminated can bring a suit to the labor court within 1 month with effect from notification date of termination notice by claiming that there is no reason in termination notice or the reason stated in termination notice is not a valid reason.

Source: Labor Law

If there is a Foreign Partner during Incorporation, What Should be Done According to Turkish Laws?

MuhasebeNews — Fri, 30 Jun 2017 12:07:24 +0000

If there is a foreign partner during incorporation, the followings will be needed.
1- Translated and notarized copy of foreign real person (partner)
2- Tax number taken from tax office or a document which shows ID number peculiar to foreigners
3- Notarized residence permit (if he/she resides in Turkey)
4- (For Turkish citizens residing abroad) a document which proves that he/she resides/works abroad and is taken related institutions of that country

***If foreign partner is also the Director of the company, work permit will not be necessary.

Source: Turkish Code of Commerce

Can Board of Directors Become Indebted to the Company According to Turkish Laws?

MuhasebeNews — Fri, 30 Jun 2017 10:40:56 +0000

A Member of Board cannot perform any action on behalf of himself/herself or other persons with the company without getting permission from the Board of Directors. Otherwise, The company may claim that committed action is invalid/void. The other party cannot assert this kind of a claim.

Within the scope of this prohibition;
1- A Member of Board cannot perform any action on behalf of himself/herself or other persons without getting permission from the Board of Directors; otherwise, the company may claim that commited action is invalid/void.
2- Member of Board who has no share and acquaintances/relatives of Member of Board having no share and listed in article 393 cannot become indebted (in cash) to the company. Company cannot pledge, issue guarantee, give the assurance, give any responsibilities and take over these persons’ debts. Otherwise, company’s creditors can directly pursue these persons for company debts in line with the amount that the company holds responsible.

Source: Turkish Code of Commerce

The Determination of 2-Year Rule When Selling the Properties in line with the Sale and Release and Take Back Procedure According to Turkish Laws!

MuhasebeNews — Tue, 25 Apr 2017 14:43:50 +0000

The Determination of 2-Year Rule When Selling the Properties Being Subject to Lease Certificate Purchase/Sale Transactions in line with the Sale and Release and Get Back Procedure!

1- On condition that they are taken back at the end of the agreement and on the purpose of lease back within the scope of Leasing, Factoring and Financing Companies Law dated 21/11/2012 and numbered 6361,
The period of holding the assets in the active accounts of the leasing, participation, development and investment banks should be taken into consideration for the selling of transferred properties to
1.1- The financing companies by the corporations,
1.2- The development and investment banks and participation banks in the selling of properties to the third persons by the leasee on the occasion of sale and release and take back procedure.

2- In the selling of the properties transferred to the leasing companies to the third persons by the parent company for the purpose of lease certificate purchase/sale transactions within the scope of Capital Market Law dated 06.12.2012 and numbered 6362, the period of time of the active account of leasing company should be taken into consideration while calculating of period of holding the assets in the active account.

Source: Corporate Tax Law