HIGH INFLATION FORCES DATA PROTECTION BOARD TO REVISE THE REGISTRATION THRESHOLD:

The fluctuating value of the Turkish Lira and very high inflation rates in recent times has brought about the need to constantly update the financial criteria in a number of legal regulations.

Turkey Adopts New Economic Measures: Latest Increases in VAT, Consumer Loan Tax, and Fees :

TURKEY IMPLEMENTS NEW REGULATION FOR SHIP REGISTRIES, SCRAPPING OUTDATED LEGISLATION:

Turkey has recently introduced a new "Regulation on Ship Registries", setting out the principles and procedures for the establishment and operation of new registries, registration of vessels, as well as the responsibilities of the registry officials.

Amendments Announced to the Ports Regulation:

AMENDMENTS TO MARINE POLLUTION FINES :

TURKEY’S PARTICIPATION TO BOLSTER SAFETY IN HORN OF AFRICA:

Turkish Grand National Assembly has issued a resolution extending the mission of Turkish Navy at Gulf of Aden, Arabian Sea, Horn of Africa to combat piracy.

TURKEY FURTHER ENDORSES THE CONVERSION TO TURKISH LIRA BY ISSUING A NEW COMMUNIQUE ON COMPANIES’ FOREIGN FX INCOME:

Another step is taken by the CBRT to implement “Liraization” with a new Communique aiming to incentivize companies to convert their foreign Exchange obtained from abroad into Turkish lira accounts.

JUDICIAL MEASURES ANNOUNCED WITHIN THE STATE OF EMERGENCY DUE TO THE EARTHQUAKES IN SOUTH EASTERN OF TURKEY:

Turkish Environmental Agency Replaces the Istanbul and Kocaeli Municipalities as the New Administration with Delegated Authority to Impose Pollution Fines on Marine Traffic:

The Circular numbered 2023/3 has removed the Istanbul and Kocaeli Municipalities from the list of organs that are authorized by the Ministry of Environment, Urbanization and Climate Change to conduct environmental inspections and to impose pollution fines on marine traffic while adding Turkish Environmental Agency to the list.

THE CEILING FOR STAMP DUTY RAISED BY 122.93% FOR 2023:

The Turkish Revenue Administration has revised the ceiling of the stamp duty that will become applicable as of 1 January 2023