NEW REGULATIONS INTRODUCED ON BEARER SHARE CERTIFICATES:

Several articles of the Turkish Commercial Code No. 6102 (“TCC”)  were amended with the Law No. 7262 published in the Official Gazette dated 31 December 2020

The Regulation Relating to Shipyards, Boatyards and Dry Dock Areas Has Been Amended :

RESTRICTIONS HAVE ENDED: COMPANIES CAN NOW FREELY DISTRIBUTE DIVIDENDS :

The restrictions on companies’ distribution of their profits have been lifted as of 1 January 2021. In other words, it is now possible for companies to distribute their previous year's profits and free reserves and to authorize their board of directors to distribute advance profits.

THE CEILING FOR STAMP DUTY RAISED BY 9.11% FOR 2021:

The Turkish Revenue Administration has issued the revisions to the stamp duty amounts and the ceiling that will become applicable as of 1 January 2021.

TERMS OF TERMINATION PROHIBITION AND MANDATORY UNPAID LEAVE EXTENDED YET AGAIN:

The terms for termination prohibition and mandatory unpaid leave are extended for two months.

ENVIRONMENTAL MARINE POLLUTION FINES REVISED FOR 2021:

SHORT-TERM WORKING AND APPLICATIONS THEREOF ARE EXTENDED:

The government has extended the terms of short-term working and applications thereof.

2021 CERTIFICATION OF COMPANY BOOKS:

Similar to previous years, as we approach the year-end, we would like to draw your attention to the requirements for the annual certification of company commercial books.

New Framework on Crew Changes During COVID-19:

Government issues new framework on crew changes during COVID-19 in compliance with the IMO’s circular letter No. 4204/Add. 1

DEADLINES FOR THE CENTRALIZED COMMERCIAL MESSAGE MANAGEMENT SYSTEM EXTENDED AGAIN:

The Ministry of Commerce announced on 30 November 2020 that the deadline for registering the opt-in consents of recipients with IYS is extended yet again.