28 May 2020
DEADLINES FOR THE CENTRALIZED COMMERCIAL MESSAGE MANAGEMENT SYSTEM ARE EXTENDED:
The Ministry of Commerce extended the deadline for registering the opt-in consents of recipients with IYS until 31 August 2020 with an announcement on the Ministry’s website on 23 May 2020. Accordingly, the recipients will need to check the opt-in consents registered in their names by 1 December 2020.
21 May 2020
GOVERNMENT PUBLISHES EXCEPTIONS TO RESTRICTIONS ON DISTRIBUTION OF PROFITS:
Exceptions to restrictions on companies’ distribution of their net profits in 2019 was published in the Official Gazette on 17 May 2020 through the Communiqué on the Principles and Procedures of Implementation of the Temporary Article 13 of the Turkish Commercial Code and entered into force the same day.
10 May 2020
05 May 2020
22 April 2020
17 April 2020
LEGISLATIVE PROPOSAL PASSES PARLIAMENT: PROFIT DISTRIBUTIONS BY COMPANIES ARE NOW RESTRICTED:
The Omnibus Law provides for a temporary article to be inserted into the Turkish Commercial Code no. 6102, setting out restrictions on companies’ distribution of their net profits in 2019. Accordingly, cash profit distribution of companies cannot exceed 25% of their net profits belonging to 2019.
15 April 2020
LEGISLATIVE PROPOSAL SETS OUT RESTRICTIONS ON PROFIT DISTRIBUTIONS BY COMPANIES :
Legislative Proposal concerning the Law on Diminishing the Negative Impact of the Novel Coronavirus in Financial and Social Life and Amendment to Certain Laws is submitted to the Grand National Assembly as of 14 April 2020. Article 11 of the Legislative Proposal provides for a temporary article to be inserted into the Turkish Commercial Code, setting out restrictions on companies’ distribution of their net profits in 2019.