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.

THRESHOLDS DOUBLED FOR MANDATORY INDEPENDENT AUDITS:

With the publication of the Decision on the Determination of Companies Subject to Independent Audit in the Official Gazette dated 30 November 2022; the previous decision on the same issue, which was published in 2018, is now repealed for the need to redetermine the scope of independent audit.

Distribution of Interim (Advance) Dividends:

The Turkish Code of Commerce (“TCC”) Art.509 on dividends provides that, while the dividends can be distributed from net period profits and free reserves

May 1st: E-Commerce Law Entered Into Force:

With reference to the Newsletter published in our website on November 2014 titled “Parliament Finally Approves E-Commerce Lawb”, the Law on Electronic Commerce (“Law”) entered into force on May 1, 2015.