17 April 2024
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.
04 April 2024
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”).
14 March 2024
COLREG PREVAILS – TURKEY TO INTRODUCE LEGISLATION TO ENSURE SWIFT ADOPTION OF COLREG AMENDMENTS:
11 March 2024
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.
24 January 2024
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.
02 January 2024
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.
28 December 2023
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.
29 November 2023
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.
28 November 2023
HARDER THE GOVERNANCE EASIER THE ALLOWANCE: TURKEY INTRODUCES NEW REGULATION ON REGULAR VOYAGES CONDUCTED BY VESSELS:
Turkey has recently introduced the "Regulation on Regular Voyages Conducted by Vessels” (“Regulation”), replacing the previous regulation in force since 2010. The Regulation outlines the principles and procedures for establishing and operating regular voyages by vessels transporting vehicles and/or passengers between Turkish coastal facilities and, additionally, between Turkish coastal facilities and those abroad.
13 September 2023
Historic Judgement from The Constitutional Court: The Provision for Suspended Sentences Is Scrapped:
Turkey's Constitutional Court has rendered a landmark decision, ruling that the provision which allowed the deferral of verdicts for certain crimes, is unconstitutional.
corporate, finance, regulation, petroleum, arbitration, e-commerce, railway, advance dividends, istanbul, foreign awards, national markers, energy, natural resources, letter of guarantee, interim dividends
August 2023
Client Alert: Health Ministry to Exercise Strict Scrutiny over Promotional & Informational Activities
July 2023
Client Alert: HIGH INFLATION FORCES DATA PROTECTION BOARD TO REVISE THE REGISTRATION THRESHOLD
Client Alert: Turkey Adopts New Economic Measures: Latest Increases in VAT, Consumer Loan Tax, and Fees
May 2023
Client Alert: TURKEY IMPLEMENTS NEW REGULATION FOR SHIP REGISTRIES, SCRAPPING OUTDATED LEGISLATION
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