Ministry of Customs and Trade – Muhasebe News

Closure Ratification of Limited Companies’ Books

MuhasebeNews — Fri, 27 Apr 2018 06:00:50 +0000

The text below is prepared according to the Communiqué about Commercial Books established in the Official Gazette dated 19 December 2012 and numbered 28502 and prepared by the Ministry of Customs and Trade and the Ministry of Finance.

1- WHICH BOOKS ARE SUBJECT TO CLOSURE RATIFICATION IN LIMITED COMPANIES?
(1) Day Book

2- THE PERIOD OF CLOSURE RATIFICATION OF THE BOOKS
* the closure ratification of day books should be made until the end of June (sixth month) of the subsequent year.

3- IF ONE WOULD LIKE TO USE THE BOOKS IN THE FOLLOWING YEAR, WHEN HE/SHE SHOULD MAKE THE CLOSURE RATIFICATION OF THE BOOKS?
* If one would like to use the book being entitled to closure ratification in the following year; firstly he/she should make the closure ratification on January of the subsequent year and then he/she should make an interim ratification until the end of January in order to use it in the New Year. It means closure ratification will not be made in June, but it should be made in January.

4- IS THE MINUTE BOOK OF BOARD OF DIRECTORS SUBJECT TO RATIFICATION?
No.
Limited Companies do not have to keep Minute Book of Board of Directors. They may keep decision books for the decisions taken.

On the other hand, if one ratifies the Minute Book of Board of Directors along with the Decision Book, the Decision of Board of Directors should be recorded in that book and those books are subject to closure ratification in January of the subsequent year.

After the closure ratification of Decision Book of Board of Directors if company wouldn’t like to use it, the new book shouldn’t be ratified and Decision Book should be used in the subsequent year instead of that.

5- HOW MANY YEARS SHOULD A LIMITED COMPANY KEEP ITS BOOKS?
Limited Companies should keep their commercial books that they have to keep and the documents related to the recordings of those books for 10 years by classifying them.

Even if period of limitation for books and documents is 5 years according to the Tax Procedure Law, it is obligatory to keep them for 10 years according to Turkish Commercial Code. (-253)

Source: the Communiqué about Commercial Books established in the Official Gazette dated 19 December 2012 and numbered 28502 and prepared by the Ministry of Customs and Trade and the Ministry of Finance

Date: 20 March 2017

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.

What is Joint Stock Company?

MuhasebeNews — Sat, 17 Mar 2018 06:00:35 +0000

1- WHAT IS JOINT STOCK COMPANY?
1.1- Joint-stock company is a company whose capital is declared and divided into shares and who is only responsible for its assets because of its debts.
1.2- Shareholders are responsible to the company with their shares that they undertake.

***Except special provisions, these parts of provisions are applied to joint stock companies being subjected to special provisions.

2- WHAT ARE INCLUDED IN THE SUBJECT OF JOINT STOCK COMPANIES?
Joint stock companies can be established for every kind of legal economical purposes and subjects.

3- WHAT SHOULD BE THE AMOUNT OF CAPITAL IN ORDER TO ESTABLISH A JOINT STOCK COMPANY?
3.1- Registered capital, which is undertaken as a whole in articles of incorporation, cannot be less than 50.000 Turkish Lira. As for non-public joint stock companies which accepts registered capital system showing the maximum realm of authority of board of directors for capital increase, initial capital cannot be less than 100.000 Turkish Lira. Minimum capital amount can be increased by the Council of Ministers.
3.2- Within the scope of this law, initial capital in joint stock companies with registered capital is compulsory to provide in the establishment and when they move into this system. On the other hand, issued capital represents the total amount of nominal value of issued shares.
3.3- Unless non-public joint stock companies have necessary conditions, they are able to log out of registered capital system by getting permission from Ministry of Customs and Trade. Moreover, if they fail to fulfil the conditions while logging in the system, they can be logged out of the system by the Ministry even if they have no claim.

***Provisions of article 12 of Capital Market Law dated 28.07.1981 and numbered 2499 are reserved.

Source: Turkish Commercial Code

Foreign Trade Statistics of Turkey, April 2017

MuhasebeNews — Mon, 05 Jun 2017 06:50:17 +0000

Exports and imports increased by 7.4% and 9.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in April 2017; exports were 12 billion 839 million dollars with a 7.4% increase and imports were 17 billion 784 million dollars with a 9.9% increase compared with April 2016.

Foreign trade deficit increased by 16.7%
In April 2017 foreign trade deficit was 4 billion 945 million dollars with a 16.7% increase compared with April 2016.

In April 2017, exports coverage imports was 72.2% while it was 73.8% in April 2016.

Seasonally and calendar adjusted exports decreased by 2.7%
Seasonally and calendar adjusted exports decreased by 2.7% while imports increased 1.6% compared with previous month. Calendar adjusted exports and imports increased by 10.5% and 13.2%, respectively compared with April 2016.
Exports to the European Union increased by 2.2%
As compared with the same month of the previous year, exports to the EU-28 increased by 2.2% from 5 billion 652 million dollars to 5 billion 779 million dollars. The proportion of the EU countries was 45% in April 2017 while it was 47.3% in April 2016.

The main partner for exports was Germany
In April 2017, the main partner country for exports was Germany with 1 billion 140 million dollars. The country was followed by UAE with 1 billion 21 million dollars, Iraq with 857 million dollars and the United Kingdom with 737 million dollars.

The top country for imports was China
In April 2017, the top country for Turkey’s imports was China with 1 billion 647 million dollars. The country was followed by Germany with 1 billion 629 million dollars, Russia with 1 billion 495 million dollars and USA with 980 million dollars.
Ratio of exports of high-tech products in manufacturing industries was 3.1%
Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 94.1% in April. The ratio of high-technology products in manufacturing industries was 3.1%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.6%.

Ratio of imports of high-tech products in manufacturing industries was 15.1%
The ratio of manufacturing industries’ products in total imports was 80.5%. The ratio of high-technology products in manufacturing industries’ products was 15.1% in April 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.8%.

Foreign Trade Statistics in Turkey, January 2017

MuhasebeNews — Wed, 29 Mar 2017 11:49:17 +0000

Exports and imports increased by 18.1% and 15.9%, respectively
According to the provisional data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, in January 2017; exports were 11 billion 278 million dollars with a 18.1% increase and imports were 15 billion 586 million dollars with a 15.9% increase compared with January 2016.

Foreign trade deficit increased by 10.3%
In January 2017 foreign trade deficit was 4 billion 309 million dollars with a 10.3% increase compared with January 2016.

In January 2017, exports coverage imports was 72.4% while it was 71% in January 2016.

Seasonally and calendar adjusted exports increased by 4.5%
Seasonally and calendar adjusted exports and imports increased by 4.5% and 0.6%, respectively compared with previous month. Calendar adjusted exports and imports increased by 17% and 9%, respectively compared with January 2016.

Exports to the European Union increased by 12%
As compared with the same month of the previous year, exports to the EU-28 increased by 12% from 4 billion 734 million dollars to 5 billion 302 million dollars. The proportion of the EU countries was 47% in January 2017 while it was 49.6% in January 2016.

The main partner for exports was Germany
In January 2017, the main partner country for exports was Germany with 1 billion 122 million dollars. The country was followed by Iraq with 684 million dollars, the United Kingdom with 676 million dollars and United Arab Emirates with 655 million dollars.

The top country for imports was China
In January 2017, the top country for Turkey’s imports was China with 1 billion 851 million dollars. The country was followed by Russia with 1 billion 480 million dollars, Germany with 1 billion 187 million dollars and the United States of America with 734 million dollars.

Ratio of exports of high-tech products in manufacturing industries was 2.7%
Foreign trade by technology intensity covers the manufacturing industries’ products in classification of ISIC Rev.3. According to the ISIC Rev.3, the ratio of manufacturing industries products in total exports was 92.9% in January. The ratio of high-technology products in manufacturing industries was 2.7%. The ratio of medium-high-technology products in manufacturing industries’ products was 33.6%.

Ratio of imports of high-tech products in manufacturing industries was 15.8%
The ratio of manufacturing industries’ products in total imports was 77.5%. The ratio of high-technology products in manufacturing industries’ products was 15.8% in January 2017. The ratio of medium-high-technology products in manufacturing industries’ products was 42.2%.

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.