Kinstellar, working with Watson Farley & Williams, has advised South Korea's Yanolja Cloud on its acquisition of Go Global Travel from the AMI Opportunities Fund.

Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised JP Morgan Chase, BNP Paribas, and ING European Financial Services on their EUR 781 million UKEF-covered financing for the Republic of Turkiye's Mersin-Adana-Osmaniye-Gaziantep high-speed rail project.

Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki has advised Ekmob Sales Force Automation on its pre-series A bridge funding round that included TechOne VC, Finberg, Yildiz Tekno GSYO, and Koray Gultekin Bahar. The HS Attorney Partnership advised TechOne.

From the resolution of election uncertainties and the surge in M&A transactions to the focus on ESG matters and the country’s alignment with EU regulations, Turkey is positioning itself as an attractive destination for foreign investors, while also increasing the volume of outbound investments, according to Yalcin Babalioglu Kemahli in cooperation with CMS Managing Partner Done Yalcin.

With the provisional article added to the Turkish Code of Obligations No. 6098 ("TCO") by the Law No. 7409 on the “Amendment of the Attorneyship Law and the Turkish Code of Obligations”, which entered into force after being published in the Official Gazette dated June 11, 2022 and numbered 31863, it was regulated that the cap for rent increase rate to be applied to the rent for the lease periods to be renewed between June 11, 2022 and July 1, 2023 shall be 25%, limited only to residential leases.

This article explores the principles and provisions related to the taxation of capital gains as stated in Article 13 of the OECD Model Tax Convention. It examines the variations in capital gains taxation across countries and discusses the OECD Model Convention as a framework for negotiating bilateral tax treaties. 

Ozlem Barut has joined the International Finance Corporation as a Counsel in the compliance department.

According to the December 2022 Digital, Internet and Mobile Banking Statistics published by the Banks Association of Turkiye, the number of customers using active digital banking, mobile banking and internet banking services in Turkiye reached 94 million, with an increase of around 16.5 million in comparison to the previous year.

Pinar Ozercan has joined Jaguar Land Rover as Legal Transformation and Compliance Lead.

With its decision dated 23.03.2023 and numbered 2019/40991, published in the Official Gazette dated 20.06.2023 and numbered 32227, the Constitutional Court [the “Court”] ruled that the on-site investigation carried out at the workplace within the scope of the investigations conducted by the Competition Board without a judge's decision violated the inviolability of domicile guaranteed under Art. 21 of the Constitution.

Egemenoglu has advised the shareholders of Tunay Gida on its sale to International Beer Breweries. The Ciftci Attorney Partnership in association with Clifford Chance reportedly advised IBB.

On July 7, 2023, Value Added Tax ("VAT") rates have been significantly increased with the Amendment Decree ("Amendment Decree") to the Decree on Determination of Value Added Tax Rates Applicable to Goods and Services numbered 7346 ("Decree") published in the Official Gazette dated July 7, 2023 and numbered 32241.

June 2023 – In May 2023, the Turkish Personal Data Protection Authority (the “DPA”) published two data breach notifications but did not publish decision.

Lexist has advised the TWF IFM Real Estate Construction and Management joint stock company on the regulation to establish the Istanbul Financial Center.

ISS Turkey has appointed Gamze Sandurac Baykal to Chief Legal Officer in Istanbul.

Dentons and its Turkish affiliate Balcioglu Selcuk Ardiyok Keki have advised Papara on its acquisition of Rebellion from Beka Finance. Spain's Araoz & Rueda reportedly advised Beka Finance.

The Regulation Amending the Electricity Market Capacity Mechanism Regulation and the Regulation Amending the Regulation on Renewable Energy Source Guarantee Certificate in Electricity Market published in the Official Gazette on 21 May 2021, introduced significant changes to the capacity mechanism and renewable energy resource guarantee certificate (“YEK-G“) applications.

Paksoy, working with the UK offices of Bird & Bird, has advised the EBRD on a EUR 125 million loan for the Ankara Metropolitan Municipality to finance the Ankara Natoyolu-Dikimevi metro line.