TURKEY INCREASES THE STATUTORY ANNUAL LEGAL INTEREST RATE FROM 9% TO 24%:

Pursuant to the Presidential Decree published in the Official Gazette on 21 May 2024, the legal interest rate received a big hike from 9% to 24% effective from 1 June 2024.

THE 2012 LIABILITY LIMITS ARE REAFFIRMED BY THE ADMIRALTY COURT:

In a very recent judgement, the Istanbul 17th Commercial Court (established as the Admiralty Court in Istanbul) with jurisdiction to hear maritime disputes, ruled that the 2012 liability limits in the amendment to the 1996 Protocol to the 1976 Convention on Limitation of Liability in Maritime Claims are in force in Turkey.

Pufferfish Menace: Ministry Takes Action!:

Measures are being taken to address the threat posed by pufferfish, those quirky yet troublesome sea creatures. Recognizing the significant damage inflicted by these invasive creatures on the fishing industry and the marine life, the Ministry of Agriculture and Forestry (“Ministry”) has introduced a new communique to tackle the pufferfish problem under which fishermen are incentivized to hunt for pufferfish.

INCENTIVES FOR THE REJUVENATION OF THE TURKISH FLEET IS EXTENDED TO LARGER TONNAGE :

In recent years, Turkey has undertaken significant initiatives to advance its maritime industry and ensure the ongoing dynamism of its fleet. With this objective in mind, amendments have been made on 23 March 2024 to the Regulation on Incentivizing Construction of New Vessels to Replace Scrapped Turkish Flagged Vessels (“Regulation”).

COLREG PREVAILS – TURKEY TO INTRODUCE LEGISLATION TO ENSURE SWIFT ADOPTION OF COLREG AMENDMENTS:

SIGNIFICANT CHANGES IN THE TURKISH DATA PROTECTION LAW:

On 4 March 2024, the Turkish Parliament passed a new regulation which amends several regulations including the Law on the Protection of Personal Data No. 6698 ("LPPD"). This amendment is welcomed by the market as harmonisation of LPPD with the EU General Data Protection Regulation ("GDPR") has long been expected.

INSURANCE AND REINSURANCE BROKERS REGULATIONS RECEIVE SIGNIFICANT REVISIONS:

Significant revisions have been made in the regulations regarding insurance and reinsurance brokerage. The amendment introduce substantial novelties that impact everyone currently involved or intending to enter the sector.

THE CEILING FOR STAMP DUTY RAISED BY 58.46% FOR 2024:

The Turkish Revenue Administration has revised the ceiling of the stamp duty that became applicable as of 1 January 2024.

MARINE POLLUTION FINES REVISED FOR 2024:

Pursuant to Article 20 of the Turkish Environmental Code no. 2872 (“Code”), fines are imposed on vessels for causing pollution in Turkish waters through discharge of petroleum products, dirty ballast, garbage and sewage into the sea. Marine pollution fines are updated annually to adjust for inflation.

MINIMUM CAPITAL REQUIREMENTS FOR JOINT STOCK & LIMITED LIABILITY COMPANIES REVISED BY PRESIDENTIAL DECREE:

The Presidential Decree dated 24/11/2023 and numbered 7887 on the increase of the minimum capital amounts for joint stock and limited liability companies to five times will enter into force on January 1, 2024.