It cannot be written.

Source:
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.

According to the news published by Central Bank of Republic of Turkey, fees that banks can charge their commercial clients for products and services, offered under four categories as “Commercial Loans”, “Foreign Trade”, “Cash Management” and “Payment Systems”, have been limited to 51 items.

Pursuant to the Council of Ministers Decision No. 2006/11188, the Central Bank of the Republic of Turkey issued the “Communiqué No. 2006/1 on the Deposit and Loan Rates, the Profit and Loss Participation Rates for Participation Accounts, and Other Non-Interest Benefits to be Received via Credit Transactions”. Article 4 of this Communiqué stipulates that the characteristics and limits of other non-interest benefits to be received and charges to be collected shall be determined freely. However, it was observed over time that banks collect numerous fees, commissions and charges of the same characteristic under different names, and the collected amounts are far from being comparable and might lead to overcharging. Consequently, client complaints have increased significantly.

Therefore, the Banking Regulation and Supervision Agency (BRSA) issued the “Regulation on Procedures and Principles Regarding the Fees to be Charged on Financial Consumers” on 3 October 2014, which simplified the fees that can be charged on financial consumers, and ensured transparency in charges. However, problems persisted regarding the charges imposed on commercial clients.

Following comprehensive evaluations, it has been decided to make a regulation to render the fees that can be collected more transparent, lucid and comparable by determining the types and characteristics, maximum amounts or rates of fees that banks can charge their commercial clients for products and services as well as the standards thereof. To this end, the “Communiqué No. 2020/4 on Procedures and Principles Regarding the Fees That Banks Can Charge Their Commercial Clients” has been published.

In this Communiqué,

• Fees that banks can charge their commercial clients for products and services, offered under the four categories as “Commercial Loans”, “Foreign Trade”, “Cash Management” and “Payment Systems”, have been limited to 51 items,
• Quantitative or qualitative restrictions have been introduced to some fee items,
• Obligation to inform has been imposed on banks for transparency purposes.

Provisions in the Communiqué shall be effective as of 1 March 2020. These provisions shall also apply to transactions to be conducted after the effective date under the contracts made before this date.

The amounts and rates limited in the Communiqué are upper limits, and the fees and rates to be applied will certainly be determined by competitive market conditions as well as by the business relations between banks and commercial clients.

Moreover, it has been decided to repeal the Communiqué No. 2006/1 on 1 March 2020 and to replace it with the “Communiqué No. 2020/3 on the Deposit and Loan Rates and the Profit and Loss Participation Rates for Participation Accounts”, to be effective 1 March 2020. With the Communiqué No. 2020/3, the provisions of the repealed Communiqué excluding those on other non-interest benefits to be received are broadly preserved, and provisions are changed regarding the profit and loss participation rates to be applied in participation accounts, taking into account the BRSA regulations and international interest-free finance principles and guidelines.

Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2020/ANO2020-07
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.

Also;

Transactions caused by establishment, merging, assignation, capital raise, splitting off and type alteration of joint stock, shared commandite and limited companies and transactions related to providing, guarantees, re-payment and bonds of credits which are given by banks, overseas credit organizations and international institutions shall not be subjected to duties (except trial duties). (Duties Law a.123)

The transfer of movables, immovable and intangible assets to the leasing firm and the re-transfer of these assets by the leasing firm to the assignor firm and the mortgage transactions related to these transfers are exempt from duties.

The exemptions regarding the duties shall not be applied to the “duty of exploration” which is one of the “Judiciary duties” and to the “Seizure, delivery and selling duty”  which is one of the “enforcement and bankruptcy duties”.  (Duties Law a.123)

Source: Revenue Administration

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.

In addition to residency criterion, within a limited scope, nationality criterion also applies regardless of their residency status, Turkish citizens who live abroad and work for government or a governmental institution or a company whose headquarter is in Turkey, are considered as unlimited liable taxpayers. Accordingly, they are subject to PIT on their worldwide income. Non-residents are only liable to pay tax on their income derived from the incomes in Turkey (limited liability). For tax purposes, it is especially important to determine in what circumstances income is deemed to be derived in Turkey. The provisions of Article 7 of the PIT Law regulate this issue.

In the following circumstances, the income is assumed to be derived in Turkey.

Business Profit: A person must have a permanent establishment or permanent representative in Turkey and income must result from business carried out in this permanent establishment or through such representatives.

Agricultural Income: Agricultural activities yielding income must take place in Turkey.

Wages and Salaries:
– Services must be rendered or accounted for in Turkey,
– Fees, allocations, dividends and as such paid to the chairmen, directors, auditors and liquidators of the establishment situated in Turkey must be accounted for in Turkey.

Income from Independent Personal Services: Independent personal services must be performed or accounted for in Turkey.

Income from Immovable Property:
– Immovable must be in Turkey,
– Rights considered as immovable must be used or accounted for in Turkey.

Income from Capital Investment (interest, dividends, etc.): Investment of the capital must be made in Turkey.

Other Income and Earnings: The activities or transactions generating for other income, specified in the PIT Law, must be performed or accounted for in Turkey.

The term “accounted for” used above to clarify tax liability of the non-residents means that a payment is to be made in Turkey, or if the payment is made abroad, it is to be recorded in the books in Turkey.

Source: Revenue Administration

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.

1- THERE IS NO NEED TO PAY TAXES FOR EARNINGS RECEIVED FROM SHIPS REGISTERED IN TURKISH INTERNATIONAL SHIP REGISTRY.
The earnings received from                                                                                     1-the management and
2-transfer of “ships” and “yachts” registered in Turkish International Ship Registry are exempted from Income tax, Corporate tax and funds.

2- PURCHASE AND SELLING OF SHIPS REGISTERED IN TURKISH INTERNATIONAL SHIP REGISTRY ARE EXEMPTED FROM STAMP TAX.
1- Purchase
2- Selling
3- Hypothec
4- Registry
5- Credit
6- Charter
7- Time Charter
8- All of the freight contracts related to ships and yachts registered in Turkish International Ship Registry are not subject to stamp tax and fees. In addition to that, fees taken because of these transactions are not subject to banking and insurance transaction tax and funds.

3- SELLING AND TRANSFER OF SHIPS REGISTERED IN TURKISH INTERNATIONAL SHIP REGISTRY ARE EXEMPTED FROM TAXES.
The transfer of ships from Turkish International Ship Registry to another registry (by cancelling) or transfer by another way is exempted from tax.
However, according to sub clause (c) of the first clause of article 4 of Turkish International Ship Registry Law, if a ship is transferred from Turkish International Ship Registry to another registry (by cancelling) or transfer by another way , these ships have to be operated at least 6 months as registered in Turkish International Ship Registry.

Source: Turkish International Ship Registry Law
(Article 12 – (Amendment: 2.12.2004 – article 5266/3), (Amendment of the second clause: 18.1.2017-article 6770/14), (additional paragraph: 18.1.2017-article 6770/14)

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.