Recent Keynotes of May 2018

International Agreements

  • The Resolution of Council of Ministers dated 30.04.2018 and numbered 2018/11690 on the Ratification of the 2018-2020 Tourism Cooperation Application Program, between the Republic of Turkey and the Republic of Sudan was published in the Official Gazette dated 11.05.2018 and numbered 30418.

Council of Ministers Resolutions

  • The Resolution of Council of Ministers dated 04.2018 and numbered 2018/11651 on Amendment of the Resolution regarding Public Aid to Investments was published in the Official Gazette dated 28.04.2018 and numbered 30405.
  • The Resolution of Council of Ministers dated 04.2018 and numbered 2018/11674 on Determination of the Ratio to be Considered for the Calculation of the Exemption Amount under Article 23, paragraph 1, subparagraph 16, of Income Tax Law No. 193, the Determination of the Machines and Equipment to be Acquired in Order to be Used Exclusively for the Manufacturing Industry by Tax Payers having Industry Registration Certificates, and who are subjected to Temporary Article 39 of Value Added Tax Law No. 3065 and Temporary Article 30 of Tax Procedure Law No. 213, Restatement of Certain Transaction Fees related to the Title Deed and the Restatement of the Value Added Tax Ratio and the Special Consumption Tax Amount of Certain Goods was published in the Official Gazette dated 05.05.2018 and numbered 30412.
  • The Resolution of Council of Ministers dated 14.05.2018 and numbered 2018/11818 on the Determination of Special Consumption Tax to be Applied to Certain Goods was published in the Official Gazette dated 17.05.2018 and numbered 30424.

Legislation

  • The Regulation on Amendment to the Regulation regarding Accounting Applications and Financial Statements of Financial Leasing, Factoring and Financing Companies was published in the Official Gazette dated 02.05.2018 and numbered 30409. This Regulation enters into force on 30.09.2018.
  • The Communiqué on Amendment to the Communiqué regarding Rules and Procedures with regard to the Application of Additional Import Custom Taxes (Import 2017/4) entered into force through publication in the Official Gazette dated 02.05.2018 and numbered 30409, being valid from 28.02.2018.
  • The Communiqué (Custom Operations, No: 150) on Amendment to the General Customs Communiqué (Custom Operations, No: 105) entered into force through publication in the Official Gazette dated 02.05.2018 and numbered 30409.
  • The Communiqué on Amendment to the Communiqué regarding the Uniform Accounting Plan and Offering Circular to be Applied to Financial Leasing, Factoring and Financing Companies was published in the Official Gazette dated 02.05.2018 and numbered 30409. This Communiqué enters into force on 30.09.2018.
  • The Regulation on the Extension of Time regarding Tourism Investments on Public Immovables and Sales of Public Immovables entered into force through publication in the Official Gazette dated 04.05.2018 and numbered 30411.
  • The Regulation on Amendment to the Central Settlement Regulation of İstanbul Takas ve Saklama Bankası Anonim Şirketi entered into force through publication in the Official Gazette dated 08.05.2018 and numbered 30415.
  • The Communiqué (No: 2018/2) on Amendment to Communiqué regarding the Required Reserves (No: 2013/15) was published in the Official Gazette dated 09.05.2018 and numbered 30416. The Communique enters into force on 20.04.2018.
  • The Communiqué (III-48.1.c) on Amendment to the Communiqué on the Real Estate Investment Trusts (III-48.1) entered into force through publication in the Official Gazette dated 10.05.2018 and numbered 30417.
  • The Communiqué (No: 4) on Amendment to the Communiqué on General Application of Special Consumption Tax List No (II) was published in the Official Gazette dated 12.05.2018 and numbered 30419. Various provisions of this Communiqué enter into force on different dates.
  • The Law on Amendment to Law on the Restructuring of Tax and Certain Receivables and Amendment to Certain Laws was published in the Official Gazette dated 18.05.2018 and numbered 30425. Various provisions of this Law enter into force on different dates.

Competition Board Decisions

  • The Competition Board (“Board”) granted a negative declaratory certificate to the Working Procedure of Pool of Risky Insureds and the Operation Rules determined by the Turkish Motor Vehicles Office Board of Directors, based on Article 8 of Law No. 4054. (03.05.2018, 18-13, 241-112)
  • The Board granted an individual exemption to the Cooperation Agreement made between Migros Ticaret A.Ş., Boyner Holding A.Ş. and BNR Teknoloji A.Ş., based on the fulfilment of all conditions set forth under Article 5 of Law No. 4054. (03.05.2018, 18-13, 238-111)

Mergers and Acquisitions

  • The Board authorized the acquisition of the joint and ultimate control over DHI Company, and indirectly on its subsidiaries by Avenue Capital Group, Pemberton Group and Permira Group. (24.04.2018, 18-12, 220-101)
  • The Board authorized the acquisition of the final and ultimate control over certain enterprises of Doğan Holding by Erdoğan Demirören through Demirören Medya Yatırımları Ticaret A.Ş. (03.05.2018, 18-13, 248-113)
  • The Board authorized the establishment of a joint venture by Kuraray Co., Ltd., PTT Global Chemical Public Company Ltd. and Sumitomo Corporation. (03.05.2018, 18-13, 234-109)
  • The Board authorized the acquisition of the ERG Verbund Elektrik Üretim ve Ticaret A.Ş. shares by Fadli ÇELİK, Hasan ÇELİK, Memet ÇELİK, Bilal ÇELİK and Tahir ÇELİK. (03.05.2018, 18-13, 233-108)
  • The Board authorized the acquisition of the ultimate control over A. Schulman, Inc. by LyondellBasell Industries N.V. (03.05.2018, 18-13, 232-107)
  • The Board authorized the acquisition of the joint control over Noustique Perfumes, S.L. by Puig International S.A. and BSH Hausgerate GmbH. (03.05.2018, 18-03, 231-106)
  • The Board authorized the acquisition of the ultimate control over Demak Gıda Sanayi ve Dış Ticaret A.Ş. by Transmed Lebanese Holding SAL. (08.05.2018, 18-14, 263-128)
  • The Board authorized the acquisition of the ultimate control over Bayer Aktiengesellschaft’s certain assets with respect to vegetable seeds and seed protection goods by BASF SE. Bayer Aktiengesellschaft had sold these assets in order to obtain the relevant permission from the competition authorities to acquire Monsanto Company. (08.05.2018, 18-14, 262-127)
  • The Board authorized establishment of a joint venture between GE Oil & Gas Panafricana Holdings I B.V. and Rosneft Oil Company for the production, development, and marketing of predix platform-based industrial digital solutions. (08.05.2018, 18-14, 259-124)

Privatization

  • The Board authorized the privatization of Turhal Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (03.05.2018, 18-03, 253-118)
  • The Board authorized the privatization of Çorum Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (03.05.2018, 18-03, 252-117)
  • The Board authorized the privatization of Yozgat Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (03.05.2018, 18-13, 251-116)
  • The Board authorized the privatization of Kırşehir Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (03.05.2018, 18-13, 250-115)
  • The Board authorized the privatization of Bor Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (03.05.2018, 18-13, 249-114)
  • The Board authorized the privatization of Muş Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (08.05.2018, 18-14, 272-134)
  • The Board authorized the privatization of Elbistan Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (08.05.2018, 18-14, 271-133)
  • The Board authorized the privatization of Burdur Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (08.05.2018, 18-14, 270-132)
  • The Board authorized the privatization of Afyon Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (08.05.2018, 18-14, 269-131)
  • The Board authorized the privatization of Ilgın Sugar Company belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (08.05.2018, 18-14, 268-130)
  • The Board authorized the privatization of Erzincan and Erzurum Sugar Factories belonging to Türkiye Şeker Fabrikaları A.Ş. through “sales”. (22.05.2018, 18-15, 291-144)
  • Board authorized the privatization of a certain portion of the Directorate of Privatization Administration’s participation shares in Hidrojen Peroksit Sanayi ve Ticaret A.Ş. through “sales”. (08.05.2018, 18-14, 14-257-122)

Energy

  • The Regulation on Amendment to the Regulation Regarding the Documentation and Support to be Provided to Renewable Energy Sources entered, into force through publication in the Official Gazette dated 21.04.2018 and numbered 30398.
  • The Energy Market Regulatory Authority (“EMRA”) made an announcement regarding the obligation of the legal entities that obtained a production license from the EMRA, to submit their progress reports through to and until the completion of their facilities on 04.05.2018.
  • The EMRA announced the LPG Market Electronic License Procedures on 07.05.2018.
  • The EMRA announced the LPG Market, Oil Market, Natural Gas Market Sector Reports and the Electricity Market Progress Report of 2017 on 13.05.2018.