A pilot project in Antalya aims to eliminate any possible confiscation of properties that belong to foreign people who die while in Turkey Experts say there are approximately 100,000 properties owned by foreign people in Turkey; 20 percent are in Alanya. Hürriyet photoA new project in Antalya aims to prevent the heirs of foreigners who own real estate in Turkey from being divested of their rightful inherita ...

This short article is meant to provide a brief idea for those who might be interested in doing business in Turkey and would like to be in the picture about the Turkish fiscal system. For further and more precise details we would highly recommend to study the official site of the Turkish State. The tax system in Turkey could be referred to as quite complicating and troublesome for tax-payers as tax offices i ...

Public Sector - Public Procurement Law - Rationalizations in financial management, employment, budget and investment in the public sector - Code of Ethical Conduct for Civil Servants - Law on Freedom of Information for Citizens Financial Sector - Regulation and Supervision in line with EU standards - Strenghthening Private Banks (Capital Adequacy Ratio Improvement) - State Bank Reform - Resolution of Non-Vi ...

Privatization Bodies The Privatization High Council (PHC) is the ultimate decision-making body for privatization in Turkey. The Council, headed by the Prime Minister, is composed of four ministers. PHC is responsible from the formation of the privatization portfolio and determination of methodology and timing of the privatization procedures. PHC is the body approving the final transfer.  The Privatization A ...

Exchange Rate Regime  Turkey has a very liberal exchange control regime. The protection of the value of the Turkish currency legislation guarantees the free transfer of profits, fees and royalties. The transfer of profits, dividends, proceeds of sale and liquidation, license, know-how, technical assistance fees, repayment of loans and interests is unrestricted. Turkish Lira is fully convertible. The supply ...

Accounting Principles In March 2006, the Turkish Accounting Standards (TAS) has been published by Turkish Accounting Standards Board which was declared to be effective as of January 1, 2006. The legal requirements to apply TAS has been referred to in the draft revised Turkish Commercial Code; however, such draft has not yet been approved by the Grand National Assembly of Turkey. Accordingly, companies follo ...

Downbelow is the list for tax TAX INCENTIVES according to subjects. TAX INCENTIVES A- EXCLUSION OF INVESTMENT DEDUCTION B- DEDUCTION OF RESEARCH & DEVELOPMENT C- GAIN EXCLUSION ON EDUCATION AND INSTRUCTION BUSINESSES D- INCENTIVE OF VALUE ADDED TAX IN VEHICLES, OIL SEARCHING AND INCENTIVE CERTIFICATED INVESTMENTS E- TAX INCENTIVES IN INDUSTRIAL ZONES F- TAX INCENTIVES IN TECHNOLOGY DEVELOPING ZONES G- T ...

Privatisation The involvement and participation of international investors is highly encouraged in the massive privatization program. Total revenue generated from privatization program until end of 2006 amounts to USD 26 billion, including dividends and other income. Privatization Bodies The Privatization High Council (PHC) is the ultimate decision-making body for privatization in Turkey. The Council, heade ...

Exchange Rate Regime Turkey has a very liberal exchange control regime. The protection of the value of the Turkish currency legislation guarantees the free transfer of profits, fees and royalties. The transfer of profits, dividends, proceeds of sale and liquidation, license, know-how, technical assistance fees, repayment of loans and interests is unrestricted. Turkish Lira is fully convertible. The supply o ...

TURKISH DIRECT TAXATION SYSTEM Turkish direct taxation system consists of two main taxes; income tax and corporate tax. An individual is subject to the income tax on his income and earnings, in contrast to a company which is subject to corporate tax on its income and earnings. The rules of taxation for individual income and earnings are provided in the Income Tax Law 1960 (ITL). Likewise, the rules concerni ...