In accordance with the Turkish Code of Obligations No. 6098 ("TCO"), lease relations are categorised under three main headings: (i) general provisions, (ii) residential and roofed workplace leases, and (iii) product leases. Properties to be leased as offices, warehouses, etc. for the purpose of conducting commercial activities will be subject to the provisions of "Residential and Roofed Workplace Leases".
The Digital Era Begins for Unlicensed Electricity Generation Applications
The Regulation on the Amendment ("Amendment Regulation") to the Regulation on Unlicensed Electricity Generation in the Electricity Market ("Regulation") was published in the Official Gazette dated 29 July 2023 and numbered 32263 and entered into force on the same date.
Amendments to the Tax Exemption for Immovable Properties in terms of Corporate Income Tax
The Law No. 7456 on the Issuance of Additional Motor Vehicles Tax for the Compensation of Economic Losses Caused by the Earthquakes Occurred on February 6, 2023 and Amendments to Certain Laws and Decree Law No. 375 ("Omnibus Bill") entered into force upon its publication in the Official Gazette dated July 15, 2023 and numbered 32249.
The Cap on Rental Increase Rates for Residential Leases Has Been Extended Until July 2024
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.
Rates of Value Added Tax on Goods and Services Have Been Increased
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.
Moral, Kinikoglu, Pamukkale, Kokenek Advises on Sale of Univera to Param
Moral, Kinikoglu, Pamukkale, Kokenek has advised the shareholders of Univera on the sale of the company to Param.
Moral, Kinikoglu, Pamukkale, Kokenek Advises on Sale of Turquoise Yachts to MB UAE Investments
Moral, Kinikoglu, Pamukkale, Kokenek has advised the minority shareholders of Turquoise Yachts on the sale of their shares to MB UAE Investments.
New Fronts for Mediation
Law No. 7445 on the Amendment of the Enforcement and Bankruptcy Law and Certain Laws (“Law“), also known as the 7th Judicial Package, has been published in the Official Gazette numbered 32154 on April 5, 2023.
The Turkish Court of Cassation Ruled That the Ban on Determining a Contract Value in Foreign Currency or Indexed to Foreign Currency Concerns Public Order and Must Be...
The 12th Civil Chamber of the Court of Cassation ruled with its decision numbered 2022/9954 (E. 2022/6460) and dated October 6, 2022 (the “Decision”) that the prohibition on determining a contract value in foreign currency or indexed to foreign currency which introduced by the Decree No. 32 on the Protection of the Value of Turkish Currency ("Decree No. 32") concerns public order and must be taken into account by the judge ex officio (automatically) even if it is not raised by the parties during the proceedings.
The Final Sector Study Report on the Fast-Moving Consumer Goods Retail Sector in Turkey is Published!
The fast-moving consumer goods (FMCG) retail sector has been put under the spotlight by the Turkish Competition Authority (the “TCA”) once again.
The Law On Early Retirement (Not Meeting The Age Requirement) Came Into Effect
The Law Amending the Social Security and General Health Insurance Law No. 375 and Decree-Law No. 32121 (“Law”), which is eagerly awaited by the public and directly concerns approximately 2.5 million Turkish citizens, was published in the Official Gazette No. 32121 dated 03/03/2023 and came into force.
Moral, Kinikoglu, Pamukkale, Kokenek Advises Amiad Water Systems on Acquisition FTS
Moral, Kinikoglu, Pamukkale, Kokenek has advised Israel's Amiad Water Systems on its acquisition of the final 49% stake in FTS Filtrasyon Aritim Sistemleri. SCH-Legal reportedly advised the sellers.
Gokturk Sahin To Head Litigation Department at Moral, Kinikoglu, Pamukkale, Kokenek
Former Senior Associate Gokturk Sahin has been promoted to Managing Associate and appointed Head of the Litigation Department at Moral, Kinikoglu, Pamukkale, Kokenek.
Regulation on the Immovable Sales Agreements to Be Issued by the Notaries Was Published
With the recent amendments to the Notary Public Law No. 1512 ("Law"), the immovable property sales agreements, which could only be executed before the land registries previously, can now be executed before the Turkish notaries as of January 1, 2023. In other words, immovable property sales agreements can now be concluded both before the land registries and the notaries as of such date.
Statutory Default Interest Rate and Minimum Expense Amount Determined for 2023 in the Supply of Commercial Goods and Services
Communiqué on the Default Interest Rate to be applied for Late Payments and the Minimum Expense Amount that can be claimed for the Collection Costs of Receivables in the Supply of Goods and Services (the “Communiqué”) was published in the Official Gazette dated January 2, 2023 numbered 32061 and entered into force on January 1, 2023.
Moral, Kinikoglu, Pamukkale, Kokenek Advises Twin Science & Robotics on Pre-Series A Financing
Moral, Kinikoglu, Pamukkale, Kokenek has advised Twin Science & Robotics and its shareholders on the company's pre-series A fundraising.
A Quick Look at the Competition Authority’s M&A Outlook Report for 2022
The 2022 Mergers and Acquisitions (the "M&A") Outlook Report (the "Report") drafted by the Turkish Competition Authority's (the "Authority") Economic Analysis and Research Department regarding the transactions notified to the Authority in 2022 was published on the Authority's website on January 6, 2023.
2023 Monetary Limits of Consumer Arbitration Committee Applications and Related Administrative Fines Announced
The Communiqué on Increasing the Monetary Limits in Article 68 of the Consumer Protection Law No. 6502 and Article 6 of the Regulation on Consumer Arbitration Committees (“Communiqué”) was published in the Official Gazette dated 16.12.2022 and numbered 32045.