The Regulation Amending the Regulation on Shopping Malls Has Been Published in the Official Gazette
The Regulation (Amending Regulation) Amending the Regulation on Shopping Malls (Regulation) has entered into force through publication in the Official Gazette dated 18.08.2022 and numbered 31927.
Some of the important amendments introduced by the Amending Regulation are outlined below:
- The scope of the concepts of common income, common expense and administrative expense has been regulated and it has been determined that common expense contributions cannot be used other than for purposes of the collection.
- It has been regulated that the retail businesses in shopping malls shall not be charged for expenses that are not documented and expenses concerning advertising, marketing and consultancy which do not qualify as common expenses.
- It has been regulated that the common expense contributions will be calculated and paid in Turkish Lira.
- The minimum standards for the joint income and expense report were determined.
- In cases where an advance payment is received from businesses regarding the common expenses of the shopping mall, the period for its offsetting has been extended from the end of the year, which the advance relates, to the end of February in the following year.
- The compatibility of the shopping mall management's conduct as regards advance payments, joint income, expense calculation, reporting and other transactions regarding the sharing of joint expenses with the relevant article of the Regulation and the Amending Regulation shall be audited and reported by an independent audit firm authorized by the Public Oversight, Accounting and Auditing Standards Authority.
- The terms of the agreements executed before the regulation article’s publication date, which allows contribution fee to be requested from retail businesses for expenses such as advertising, marketing and consultancy, shall be valid for the duration of the agreement. Other than that, specific regulations regarding the collection of administrative expenses and contribution fees were also included related to the existing contracts in question.
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