European Union – Muhasebe News

Turkey’s European Union Strategy

MuhasebeNews — Fri, 27 Dec 2019 11:00:04 +0000

Turkey’s European Union Strategy

According to the document of Turkey’s New European Union Strategy published by the Directorate of EU Affairs (formerly Ministry of EU Affairs), ongoing accession negotiations with the EU make Turkey unique in its region. With substantial improvements in terms of democratization and human rights thanks to the EU accession process, Turkey has adopted a “citizen-oriented” approach based on rights and freedoms. Therefore, the EU process is one of the essential dynamics of Turkey’s domestic and foreign policy vision.

Turkey-EU relations are strong and sustainable as they are based on a “win-win” strategy. Turkey and the EU share mutual benefits in many areas, ranging from foreign policy, economic and trade relations, energy supply and security to border management, employment and migration policies. Civil wars and conflicts in our region attest that Turkey is key for EU’s political and economic stability, and that the EU membership is significant to Turkey’s stability. Turkey will, in turn, contribute to the EU in various areas thanks to its socio-economic transformation, dynamic social structure, growing economy and regional power. Consequently, the increasing co-dependency mandates the construction of a common future.

The successful philosophy of the European Union is adopting an integrative approach to overcome the common challenges and mobilising fact-based action mechanisms. This philosophy remains as our guide while projecting the future and implementing the EU Strategy with a refreshed motivation. Turkey will add greater value to a stronger Union that attaches importance to its interests. Having a strong national identity based on its history and geography, an important global position, a power of initiative and, most importantly, a committed stance that prioritizes human dignity, Turkey wishes to see the European Project overcome the challenges of the twenty-first century and extend its influence across all regions. Turkey can make an authentic contribution to this end. Turkey’s European Strategy will be driven by the progress in all areas and the country’s immense potential.

The accession negotiations cannot proceed at the preferred pace due to the political stance of certain EU Member States. However, Turkey is still steadfastly committed to achieving the EU standards. The vision of Turkey depicts a stronger, more prosperous, respected and democratic country, which is used as a role model in the region for its economy, science and technology, politics and social and cultural policies. The EU accession process is undeniably an indispensable part of the goal.

Turkey-EU relations have multiple aspects, such as accession negotiations, a political reform process, Customs Union, Community Programmes, Financial Cooperation, institution building, visa liberalisation and a civil society dialogue. The “EU Strategy” will boost this spectrum of relations and help eliminate the obstacles on Turkey’s path to EU membership. By prioritising Turkey’s interests and benefits to the citizens, both the reform process will gain momentum and new communication channels will be established between Turkey and the EU, thus confronting common challenges.

The “European Union Strategy” will be the first step towards the concrete commitment declared in the Programme of the 62nd Government. The “European Union Strategy” consists of the followings:

I.Political Reform Process

II.Socio-Economic Transformation in the Accession Process

II.EU Communication Strategy

The strategy mainly aims at achieving the EU standards in all areas through an accelerated reform process, determining the priority issues related to the negotiation chapters, and implementing a powerful communication plan that features the significance and potential of the Turkey-EU cooperation in constructing a European architecture in the midst of harsh regional and global challenges. The “European Union Strategy” will become operational upon adoption of the “National Action Plan for the EU Accession” and “European Union Communication Strategy”.

The “National Action Plan for the EU Accession” will be implemented in two phases: the first phase will be completed by 2015 and the second stage will be between 2015 and 2019.

Adopting an accession-oriented approach, the Action Plan focuses on key priorities, including the opening and closing of benchmarks, and aims to strengthen the administrative capacity for implementation. Accordingly, it will be an updated roadmap for EU harmonisation work and will help determine the priorities in various areas. Determining the concrete and priority steps required in each negotiation chapter, the Action Plan consists of three pillars: “Harmonisation of Primary Legislation,” “Harmonisation of Secondary Legislation,” and “Institution Building and Others”.

The EU Communication Strategy will help inform the public on the efforts related to first two pillars. This strategy will be addressing the public both at home and abroad. It will be a followup to the European Union Communication Strategy, which was adopted by the Council of Ministers and has been implemented since 2010. Target groups, methods and instruments will be updated in this new strategy focusing both on Turkish and European public opinion.

To access the full document please visit: https://www.ab.gov.tr/files/pub/turkeys_new_eu_strategy.pdf

Source: Directorate of EU Affairs / link: https://www.ab.gov.tr/files/pub/turkeys_new_eu_strategy.pdf
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Employment of recent graduates in EU regions

MuhasebeNews — Sat, 16 Nov 2019 08:00:05 +0000

Employment of recent graduates in EU regions

According to the news of Eurostat, the statistical office of the European Union, dated November 15, 2019, 82% of recent graduates were employed in 2018. In other words, 82% of young people aged 20-34 who had successfully obtained at least an upper secondary level of education in the past 1-3 years and are not in further education were in employment.

This figure has increased for five years in a row, up from a relative low of 75% in 2013, recorded in the aftermath of the global financial and economic crisis.

In 2018, the employment rate for recent graduates reached 90% or higher in 75 NUTS* level 2 regions concentrated across much of Czechia, Germany, the Netherlands, Austria and Sweden, with the south-east German region of Niederbayern recording the highest regional employment rate for recent graduates (98%).

In contrast, less than one-third of recent graduates were in employment in four EU regions. Three were in southern Italy: Sicilia (27%), Basilicata and Calabria (both 31%), and one region in central Greece: Sterea Ellada (32%; low reliability).

Note* (The Nomenclature of territorial units for statistics, abbreviated NUTS (from the French version Nomenclature des Unités territoriales statistiques) is a geographical nomenclature subdividing the economic territory of the European Union (EU) into regions at three different levels (NUTS 1, 2 and 3).

Kaynak: Eurostat / Link: https://ec.europa.eu/eurostat/web/products-eurostat-news/-/EDN-20191115-1?inheritRedirect=true&redirect=%2Feurostat%2Fweb%2Fmain%2Fhome
Yasal Uyarı: Bu içerikte yer alan bilgi, görsel, tablolar, açıklama, yorum, analiz ve bir bütün olarak içeriğin tamamı sadece genel bilgilendirme amacıyla verilmiştir. Kişi veya kuruma özel profesyonel bir bilgilendirme ve yönlendirmede bulunma amacı güdülmemiştir. Konu ile benzerlik gösterse de her işletmenin kendi özel şartları nedeniyle farklı durumları olabilir. Bu nedenle, bu yazıda belirtilen içerikte yola çıkarak işletmenizi etkileyecek herhangi bir karar alıp uygulamaya geçmeden önce, uzmanına danışmanız menfaatiniz gereğidir. Muhasebenews veya ilişkili olduğu kişi veya kurumlardan hiç biri, bu belgede yer alan bilgi, tablo, görsel, görüş ve diğer türdeki tüm içeriklerin özel veya resmi, gerçek veya tüzel kişi, kurum ve organizasyonlar tarafından kullanılması sonucunda ortaya çıkabilecek zarar veya ziyandan sorumlu değildir.

How satisfied are people with their lives in the EU?

MuhasebeNews — Fri, 15 Nov 2019 13:00:15 +0000

How satisfied are people with their lives in the EU?

Eurostat, the statistical office of the European Union, published a selection of subjective indicators on well- being of people in Europe.

“Overall, how satisfied are you with your life these days?” people across the European Union (EU) were asked. Life satisfaction represents how a respondent evaluates his or her life taken as a whole.

On a scale from 0 (“not satisfied at all”) to 10 (“fully satisfied”), the mean (average) life satisfaction of EU residents aged 16 and over was 7.3 in 2018, an increase compared with 7.0 in 2013.

Since 2013, the mean level of satisfaction with the financial situation of their own household in the EU also increased, from 6.0 in 2013 to 6.5 in 2018, whilst the mean satisfaction with personal relations remained nearly stable, 7.8 in 2013 and 7.9 in 2018.

Highest life satisfaction in Finland and Austria, lowest in Bulgaria

In 2018, the mean life satisfaction, measured on a scale of 0 to 10, varied significantly between EU Member States. With an overall average of 8.1, inhabitants of Finland were the most satisfied with their lives in the EU, closely followed by those in Austria (8.0), Denmark, Poland and Sweden (all 7.8). At the opposite end of the scale, residents in Bulgaria (5.4) were by far the least satisfied, followed by those in Croatia (6.3), Greece and Lithuania (both 6.4), Hungary (6.5), Latvia and Portugal (both 6.7).

Largest increase in life satisfaction in Cyprus

Among Member States for which 2018 data are available, the mean life satisfaction increased since 2013 in 19 Member States. The highest increase was recorded in Cyprus (from 6.2 in 2013 to 7.1 in 2018, or +0.9), Bulgaria (+0.6), Czechia, Estonia, Poland and Portugal (all +0.5).

Highest satisfaction with financial situation in Denmark, Finland and Sweden

Mean satisfaction with the financial situation of the household varied significantly between EU Member States. With an average of 7.6, inhabitants of Denmark, Finland and Sweden were the most satisfied with the household financial situation.

Highest satisfaction with personal relationships in Malta, Austria and Slovenia

In 2018, the mean satisfaction with personal relationships varied significantly between EU Member States. With an overall average of 8.6, inhabitants of Malta, Austria and Slovenia were the most satisfied with their personal relationships in the EU.

Source: Eurostat / Link: https://ec.europa.eu/eurostat/documents/2995521/10207020/3-07112019-AP-EN.pdf/f4523b83-f16b-251c-2c44-60bd5c0de76d
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

OPEC, Non-OPEC Extend Oil Output Cut by Nine Months to Fight Glut!

MuhasebeNews — Wed, 31 May 2017 11:28:41 +0000

Euro area annual inflation was 1.9% in April 2017, up from 1.5% in March. In April 2016 the rate was -0.2%.

European Union annual inflation was 2.0% in April 2017, up from 1.6% in March. A year earlier the rate was -0.2%. These figures come from Eurostat, the statistical office of the European Union.

The lowest annual rates were registered in Romania (0.6%), Ireland (0.7%) and Slovakia (0.8%). The highest annual rates were recorded in Estonia (3.6%), Lithuania (3.5%) and Latvia (3.3%).

Source: Republic of Turkey Ministry of Economy

Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

GDP up by 0.5% in the Euro Area and by 0.4% in the EU28!

MuhasebeNews — Sat, 06 May 2017 09:35:51 +0000

Seasonally adjusted GDP rose by 0.5% in the euro area (EA19) and by 0.4% in the EU28 during the first quarter of 2017, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7% in the euro area and by 1.9% in the EU28 in the first quarter of 2017.

Source: Eurostat

What are the Tax Incentives Applied in Free Zones in Turkey?

MuhasebeNews — Tue, 02 May 2017 12:13:16 +0000

According to the artificial article 3 of Free Zone Law numbered 3218:

1- Taxpayers who has license to function in free zones which founded before and at the date of 06/02/2004, are exempt from income and corporate tax for the income they derived in these zones limited to the period stated in their license.

2- Until the end of the annual taxation period of full membership date to European Union:

a.Income of the tax payers who deal with manufacturing in free zones derived from the sale of these manufactured goods are exempt from income or corporate tax.
b.The wages of the staff, who are working for the tax payers exporting 85% of the FOB cost of the products produced in free zones, are exempt from income tax. The tax which could not be collected on due date since the total sales amount is below 85%, is collected without any penalty with the late fee.

***All procedures and written documents regarding the activities within free zones are exempt from stamp duty and other duties.

Source: Revenue Administration

Decision of the Monetary Policy Committee!

MuhasebeNews — Tue, 02 May 2017 08:47:30 +0000

The Monetary Policy Committee (the Committee) has decided to set the short term interest rates at the following levels:

a) Overnight Interest Rates: Marginal Funding Rate has been kept at 9.25 percent and borrowing rate has been kept at 7.25 percent.
b) One-week repo rate has been kept at 8 percent,
c) Late Liquidity Window Interest Rates (between 4:00 p.m. – 5:00 p.m.): Borrowing rate has been kept at 0 percent, while lending rate has been increased from 11.75 percent to 12.25 percent.

Recently released data indicate a gradual recovery in the economic activity. Domestic demand conditions display a moderate improvement and demand from the European Union economies continues to contribute positively to exports. With the supportive measures and incentives provided recently, the economic activity is expected to gain further pace in the forthcoming period. The Committee assesses that the implementation of the structural reforms would contribute to the potential growth significantly.

Cost push pressures and the volatility in food prices in recent months have led to a sharp increase in inflation. Although the recent improvement in the risk appetite contains some of the upside pressures from cost factors, current elevated levels of inflation pose risks on the pricing behavior. Accordingly, the Committee decided to strengthen the monetary tightening in order to contain the deterioration in the inflation outlook.

The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Tight stance in monetary policy will be maintained until inflation outlook displays a significant improvement. Inflation expectations, pricing behavior and other factors affecting inflation will be closely monitored and, if needed, further monetary tightening will be delivered.

It should be emphasized that any new data or information may lead the Committee to revise its stance.

Source: Central Bank of the Turkish Republic (Decision of the Monetary Policy Committee No: 2017-19 – Date: 26 April 2017)

What are the Factors Affecting Inflation in Turkey?

MuhasebeNews — Tue, 02 May 2017 08:22:20 +0000

1. Data for the fourth quarter of 2016 confirmed the conjecture that the third-quarter economic slowdown was transitory. In this period, the Gross Domestic Product (GDP) expanded by 3.8 percent quarter-on-quarter and 3.5 percent year-on-year. Excluding the offset work day losses of the third quarter, the fourth quarter was marked by a moderate growth. The TURKSTAT’s upward revisions to the first three quarters of 2016 showed that the level of economic activity was much higher than anticipated. Hence, the economy grew by 2.9 percent in 2016, a rate much lower than past years’ averages.

2. Annual growth was driven by domestic demand in the last quarter of 2016. Private spending was up both annually and quarterly thanks to the demand brought forward by automobile tax adjustments, eased macro prudential measures and better financial conditions. Investments, particularly machinery and equipment investments, were relatively weak in this period. With exports accelerating in the last quarter, net external demand provided considerably higher contribution to quarterly growth and a slightly better contribution to annual growth compared to the first nine months of 2016.

3. The first-quarter data for 2017 hint at diminishing recovery in economic activity in the first quarter. Following a robust increase in January, industrial production contracted in February. Rapid depreciation of the Turkish lira at the start of the quarter, uncertainties led by volatile financial markets and the leap in inflation are projected to dampen consumption and investment spending. Although tax incentives stimulate the demand for houses, furniture and home appliances, the recovery in domestic demand fails to spread across all sectors. Indicators for March and April signal for a stronger economic activity and labor market. In brief, the mild recovery in the underlying trend of economic activity continues, which is enhanced by supportive incentives and measures.

4. Despite a partial recovery in domestic demand, net external demand spurs growth with robust increases in exports of goods that spill over into all sectors. The growing demand from the European Union economies, normalizing relations with neighboring countries, the course of the real exchange rate, and Turkey’s market-shifting flexibility abroad continues to stimulate exports. Increases in exports of goods translate into a decelerated deterioration in the current account deficit and improvement in core current account deficit indicators. In addition to the expected partial recovery in tourism, the robust course of exports of goods is expected to contribute positively to the current account.

5. The worsening trend in the labor market that began in May 2016 came to a halt in January 2017. In this period, non-farm employment recorded an uptick particularly with the contribution from the services sector. Meanwhile, leading indicators, such as new job vacancies, the PMI employment index and the expectations for the number of employees in services and construction for March and April suggest a recovery in the employment outlook. Amid the mild rebound in economic activity and the announced employment incentive packages, the partial improvement in unemployment rates is expected to continue.

6. In sum, the recently released data indicate a gradual recovery in the economic activity. Domestic demand conditions display a moderate improvement and demand from the European Union economies continues to contribute positively to exports. With the supportive measures and incentives provided recently, the economic activity is expected to gain further pace in the forthcoming period. However, the course of capital flows in line with uncertainties regarding global economic policies, geopolitical developments, the subsided course of the labor market and the lingering volatility in exchange rates may stand out as factors to limit the pace of growth in 2017.

Source: Central Bank of the Turkish Republic

Employment Rate Of People Aged 20 To 64 In The EU Reached A New Peak!

MuhasebeNews — Sat, 29 Apr 2017 07:16:35 +0000

According to Eurostat, in 2016, the employment rate of the population aged 20 to 64 in the European Union (EU) stood at 71.1%, up compared with both 2015 (70.1%) and its previous peak recorded in 2008 (70.3%).

The Europe 2020 strategy target is to reach a total employment rate for people aged 20 to 64 of at least 75% in the EU by 2020.

The upward trend in employment rate is visible both for men and women. For men, their employment rate hit 76.9% in 2016, an increase compared with 2015 (75.9%) but still below its 2008 level (77.8%). As for women, their employment rate has continuously risen since 2010 to reach 65.3% in 2016.

Source: Eurostat/Ministry of Economy

Industrial Production Down by 0.3% in Euro Area down by 0.2% in EU28

MuhasebeNews — Fri, 14 Apr 2017 10:38:56 +0000

In February 2017 compared with January 2017, seasonally adjusted industrial production fell by 0.3% in the euro area (EA19) and by 0.2% in the EU28, according to estimates from Eurostat, the statistical office of the European Union.

In February 2017 compared with February 2016, industrial production increased by 1.2% in the euro area and by 2.1% in the EU28.

Source: Eurostat