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.
New Regulations Increasing the Tax Burden!
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.
Paksoy and YBK Advise on Kaleseramik IPO
Paksoy and CMS affiliate Yalcin Babalioglu Kemahli have advised Turkish tile manufacturer Kaleseramik on its IPO and Borsa Istanbul listing.
Turunc Advises Arya on Investment in Kiralarsin
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.
Kinstellar Advises Yanolja Cloud on Acquisition of Go Global Travel
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 Ciftci Advise Lenders on EUR 781 Million UKEF-Covered Financing for Turkiye's High Speed Rail Project
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.
BASEAK and HS Attorney Partnership Advise on Pre-Series A Round for Ekmob Sales Force Automation
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.
The Turkey-EU Business Integration: A Buzz Interview with Done Yalcin of CMS
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.
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.
Principles and Provisions of Capital Gains Taxation: A Comparative Analysis of Article 13 in the OECD Model Tax Convention and Tax Treaties – Case Laws and Insights on Turkey's Perspective
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 Joins IFC as Counsel
Ozlem Barut has joined the International Finance Corporation as a Counsel in the compliance department.
Digital Banking in Turkiye
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 Joins Jaguar Land Rover as Legal Lead
Pinar Ozercan has joined Jaguar Land Rover as Legal Transformation and Compliance Lead.
Significant Decision by the Turkish Constitutional Court regarding the Competition Authority's On-site Investigations
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 Advises Shareholders of Tunay Gida on Sale to International Beer Breweries
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.
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.
Two-minute Recap of Recent Developments in Turkish Personal Data Protection Law – May 2023
June 2023 – In May 2023, the Turkish Personal Data Protection Authority (the “DPA”) published two data breach notifications but did not publish decision.
Lexist Advises TWF on Istanbul Financial Center Regulation
Lexist has advised the TWF IFM Real Estate Construction and Management joint stock company on the regulation to establish the Istanbul Financial Center.