How to cancel the work permit of a foreigner when s/he becomes a Turkish citizen? Is it possible to cancel SSI after the cancellation of the work permit? Would it be enough to apply to the institution without canceling SSI?

The employer of the foreigner who has work permit may apply online to cancel it. The employer may also apply to our Ministry with a petition that contains an original signature.

The identification card of the employee showing their Turkish citizen status is also needed at this stage. SSI of the foreigner should also be canceled following the cancellation of the work permit.

Source: Ministry of Labor and Social Security
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.

Buying exchange rate of the Central Bank of Turkey is used.

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.

It is possible to categorize the Turkish taxation system as follows;

I-    Income taxes

• Individual Income Tax
• Corporate Income Tax

II-   Taxes on Expenditure

• Value Added Tax
• Special Consumption Tax
• Banking and Insurance Transaction Tax

III-  Taxes on Wealth

• Property Tax
• Inheritance and Gift Tax
• Motor Vehicles Tax

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.

3. Capital loss, going into debt

a) Obligations of appeal and notification

Article 376- If it is understood that half of total of legal reserves and capital in the last yearly balance are unreturned because of damage, the board of directors call a meeting of the general assembly and presents them the remedial measures that they find suitable.

 (2) According to the balance of last 2 years, if it is understood that two thirds of the total of legal reserves and capital are unreturned because of damage, the company ends by itself unless the general assembly which is called for a meeting immediately decides to make do with one third of the capital or the completion of the capital.

 (3) If there are signs showing that the company has göne into debt, the board of directors makes up an interim balance sheet of assets both on the basis of going concern concept and the possible sale prices.

If it is understood from this balance sheet that the actives are not enough to meet the receivables of company’s suppliers, the board of directors notifies the Commercial Court of First Instance located near the company’s headqusters and declares bankruptcy.

Unless it is decided on written form by suppliers of company debts in the amount that may close company’s deficit and recover it from being deep in debt, to be placed after all the suppliers on the list, and the legitimacy, authenticity and validity of this statement or agreement is confirmed by experts assigned by court to which the board of directors will declare bankruptcy, before the decree of bankruptcy. Otherwise, the application to the court for expert review is as declaration of bankruptcy. [*]

Source: Turkish Commercial Code – Article 376
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.

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The annual list represents women in six categories: business, technology, finance, media and entertainment, politics and policy, and philanthropy.

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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.

DECISION ON MAKING CHANGE IN THE DECREE NUMBERED 32 REGARDING PROTECTING VALUE OF TURKISH CURRENCY

ARTICLE 1- Below article is added in the article numbered 4 of the decision of protection of the value of Turkish currency law; decree numbered 32 and published on 7/8 /1989.

“g) Inhabitants of Turkey are not allowed to agree upon in foreign currency or foreign currency indexed prices when they come to an agreement inter se on selling and purchasing property, property renting, including vehicle renting, leasing, except for the situations outside of the ministry’s decision.

ARTICLE 2- the Provisional article is adding the same decree.
“Provisional Article 8- Within thirty days beginning from this decree’s 4th article, ((g) decree) coming into force, amounts that the parties came to an agreement on foreign currency in the agreements mentioned in this decree, are determined by the new law as Turkish currency, (lira) except for the situations outside of the ministry’s decision. “

ARTICLE 3- This decree comes into force on its date of issue.

ARTICLE 4- This decree is executed by the ministry of finance and the department of treasury.

Source: The Protection of the value of Turkish Currency
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.

Incorporates, with the main agreement or by changing main agreement, some can have the right to have prior stock.

1- Privilege is the right to have prior stock provided in premium, liquidation share, priority, or right to vote.
2- More than half of the capital or with all the capital
2.1- State,
2.2- Special provincial administration,
2.3- Municipality and the other statuary bodies,
2.4- Unions,
2.5- Associations,
2.6- Foundations,
2.7- Cooperation’s’ or  corporates’ participations in which they have the same share rates.
2.7.1- Except for the priorities attributed to their shares
2.7.2- For other shares and the other shareholders will not be given to priorities according to the related law.

***This provision cannot be executed on the corporates whose shares publicly traded and to the credit institutions and financial institutions defined in the law 5411 article number 3.

*** Turkish Trade Law Article 360 is reserved.

_________________________________________

Source:Turkish Trade Law
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.

The ones who attended vocational courses, change and improvement training regulated by Turkish Employment Agency with the article number 6111, they are provided with the scope of general health insurance on the condition that general health insurance premium will be paid by Turkish Improvement Agency and with the opportunity that if they have ones, their partners, children and parents can benefit from health services.

Source: SSI Legislation
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.

2- WHAT KIND OF DATA SHOULD BE INDICATED IN TRADE BILL?
Trade bill includes these followings.
2.1- There should be clearly written “poliçe” if the document is written in Turkish. If trade bill is issued in another language except Turkish, the word which is equal to “poliçe” in that language should be written.
2.2- Unconditional money order with regard to payment of a particular amount
2.3- Full name of payer
2.4- Date
2.5- Place of payment
2.6- Full name of payee
2.7- Place and date of issue
2.8- Signature of issuing authority

***Bill that does not include one of elements written in article 671 of Turkish Commercial Code cannot be regarded as a trade bill except to the extend required by elements written between clauses 2 and 4.

***It is considered that trade bill, whose date is not specified, should be paid when it is seen.

***Unless it is specified, the place written near the name of payer should be regarded as both place of payment and the residential address of the payer.

***If place of issue is not specified in the trade bill, it will be regarded that it was issued in the place which is written near the name of payer. 

3- CAN A PERSON ISSUING TRADE BILL BE THE PAYER AND PAYABLE TO ORDER PERSON AT THE SAME TIME?
Trade bill can be payable to order and also it can be issued on the name of person who issue trade bill or the third person.

4- CAN A TRADE BILL BE ISSUED AS IF IT IS ABOUT TO BE PAID IN PAYER’S SETTLEMENT?
A trade bill can be issued in the presence of a third person as if it is about to be paid in payer’s settlement or in another place.

5- CAN INTEREST RATE CONDITION BE IMPOSED ON TRADE BILL?
If a trade bill is supposed to be paid when it is seen or after some time, issuing authority can impose interest rate condition on trade bill. It is regarded that interest rate condition is not written in trade bills.
5.1- It is required to write interest rate on the document; if it is not, it will be regarded as if interest rate has not been written on trade bill.
5.2- If another date is not specified, interest will begin at the date of issue.

6- HOW TO WRITE THE AMOUNT IN TRADE BILL?
6.1- If the amount in trade bill is written both in words and in figures and there is a difference between the two amounts, the one written in words should be taken in consideration.
6.2- If the amount in trade bill is stated only in words or only in figures more than once and there are differences between amounts, minimum amount should be taken into consideration.

Source: Turkish Commercial Code

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.