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White & Case and Eversheds Sutherland member Tsvetkova Bebov and Partners have advised Energo-Pro on its EUR 300 million issuance of senior unsecured notes due 2035. Spasov & Bratanov and Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised initial purchaser Goldman Sachs & Co and guarantor DFC. White & Case Turkish affiliate GKC Partners and Georgia's BLC Law Office reportedly also advised the issuer. Georgia's Business Legal Bureau reportedly advised the initial purchaser as well. Alston & Bird reportedly advised the trustee.

The significant public financing need caused by the earthquakes centered in Kahramanmaraş and Hatay on 6 February 2023 continues to lead to various tax-related regulations. The first of such regulations was a one-time additional tax imposed on certain corporate taxpayers with Law No. 7440 on the Restructuring of Certain Receivables and Amendments to Certain Laws published in the Official Gazette dated 12 March 2023.

Turunc has advised the Arya Women Investment Platform on its investment in Turkish electronics rental company Kiralarsin. Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki reportedly advised Kiralarsin.

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.

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.

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.

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