Australia and Indonesia have concluded negotiations on a new trading agreement that will eliminate tariffs on a range of products.

On August 31, Australian Prime Minister Scott Morrison and Indonesian President Joko Widodo announced the conclusion of the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).

Morrison and his Minister for Trade, Simon Birmingham, said in a statement: “IA-CEPA will support Australian industrial producers in areas such as steel, copper, and plastics. Australian service industries including health, mining, telecommunications, tourism, and education will also have greater access to Indonesia’s growing economy.”

In addition, Australian farmers will be able to export 500,000 tonnes of feed grains, such as wheat, into Indonesia tariff free.

Morrison told reporters that “when you’re getting rid of tariffs, you’re basically taking taxes off things that are being bought in Australia and our key imports that come out of Indonesia – particularly petroleum and furniture and… wood and even footwear – these are things that will no longer have tariffs on them.”

Australia and Indonesia agreed in November 2010 to negotiate a free trade agreement. Negotiations stalled, with only two rounds of talks held between 2010 and July 2013. Negotiations were then “reactivated” in March 2016, following a three-year hiatus.

Both sides agreed to commit to conclude negotiations on the broader Regional Comprehensive Economic Partnership.

The announcement was welcomed by the Australian Chamber of Commerce and Industry. CEO James Pearson said: “We hope that [the] announcement, and the prospect of a formal signing in the near future, will boost trade and investment between our two nations, and build on the fact that Indonesia and Australia are already partners, along with the rest of ASEAN, in our long-standing trade agreement AANZFTA [the ASEAN-Australia-New Zealand FTA].”

However, Pearson warned that Australia must do more to remain competitive, with competition for global markets becoming more intense and the prospect of trade wars looming. He said: “Australia is already suffering from a decline in our ranking in international competitiveness and international trade, which means less investment, fewer jobs, and missed opportunities for Australian businesses.”

Source: Tax News
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Actually, that procedure is legal. Because Apple paid 34 million NZ dollars of tax to the Australian Office which handles New Zealand business according to bilateral tax agreement.

However, local politicians question whether that practice is ethics or not.

Source: Euronews

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.

The institution which determines the amount of minimum wage is titled “Minimum Wage Determination Commission”.

Members of the Commission are listed below:
– 5 people – Representatives on behalf of the Government
– 5 people – Representatives from Turkish Company Union (on behalf of workers)
– 5 people – Turkey’s Employers’ Association

The amount of minimum wage in 2017 is supposed to be declared before the year ends.

1- What were the Amounts of Minimum Wages in Turkey for the Last Years?
The gross amounts of Minimum wages for 13 years between 2005 and 2017 are shown in the table below.

In the last column of the table, one may see the increase rate of minimum wages in comparison with the previous year.

The increase rate of minimum wage in 2016 is higher compared to the previous years. As minimum living allowance was included in minimum wage. In the previous years, minimum living allowance was not included in minimum wage.

2- How much is the Minimum Wage in 2016?
Minimum wage in 2016 including minimum living allowance;
Gross:                              1.647,00 TL
Net:                                 1.176,47 TL
Minimum Living Allowance: 123,53 TL (minimum)
Net Paid:                          1.300,00 TL (including minimum living allowance)

3- How much is the Minimum Wage in 2017?
The gross amount of minimum wage in 2017 is 1.777,50 TL and the minimum amount for an employee is 1.404,06 TL including minimum living allowance. Minimum living allowance is included in that amount. There will not be added minimum living allowance to the expounded amount.

Minimum wage in 2017 including minimum living allowance;
Gross:                              1.777,50 TL
Net:                                 1.270,75 TL
Minimum Living Allowance: 133,31 TL (minimum)
Net paid:                          1.404,06 TL (including minimum living allowance)

4- Where Would You Like to Live?
If minimum wage is taken into consideration while giving an answer to this question, the answer will be Luxembourg, the Netherlands, Australia or Belgium. For those countries have the maximum amount of minimum wage, according to Organization for Economic Co-operation and Development. Below, one may find the amount of annual minimum wages of some countries in the World in line with the data given by Organization for Economic Co-operation and Development. Turkey ranks number 20 in the list.

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.

The net profit of that Spanish firm was 3,16 billion Euro.

Inditex opened stores in 56 countries during the year, including first openings in New Zealand, Vietnam and Paraguay, bringing its total store count to over 7,200. It also launched online sales in Turkey.

Source: Euronews

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.

Some key facts and figures in the Turkish real estate sector include:

• The real estate sector accounted for approximately 5 percent of GDP in the last decade. On the investment side, FDI inflow rose to USD 16.5 billion, with real estate and construction garnering USD 4.1 billion (24.8 percent) of total FDI in 2015.
• Urban renewal and mega projects dominate the agenda for the foreseeable future, particularly in Istanbul. Some projects in the city include the Marmaray, Canal Istanbul, the third Bosporus Bridge, and Istanbul’s third airport.
• It is estimated that around 6.7 million residential units nationwide will be demolished and rebuilt over the next 20 years, meaning an average of 334,000 units per year. Around USD 15 billion of financing will be required each year for urban renewal projects. In total, a budget of USD 400 billion has been allocated for this initiative, with the private sector taking the lead role.
• According to the Knight Frank Global House Price Index, Turkey ranked first in the 55-location index in Q4 of 2015 in terms of annual price growth index. Turkey saw a year-on-year increase of 18.4 percent and thus emerged as the top-performing housing market in the world, ahead of New Zealand, Sweden, and Australia.
• The total number of houses sold in the Turkish property market reached 1,289,320 units in 2015; likewise sales of real estate to foreigners began to increase following the abolishment of the reciprocity law in 2012. In 2015, 22,830 houses were sold to foreigners in Turkey, marking a year-on-year increase of 20.4 percent. With regard to house sales to foreigners, Istanbul was the top-performing province with 7,493 sales in 2015, followed by Antalya with 6,072 sales, Bursa with 1,501 sales, and Yalova with 1,425 sales.
• Office construction licenses obtained throughout Turkey increased by 27 percent, and together totaled 7 million square meters of additional planned office space in 2013. Class-A office space supply is expected to reach 6.5 million square meters by the end of 2017 with the completion of projects such as the Istanbul Finance Center, which, according to projections, will provide employment for 30,000 people.
• 368 shopping centers are operational in Turkey with a total gross leasable area of 10.89 million square meters. 108 shopping centers in Istanbul with a total gross leasable area of 4 million square meters represent 37 percent of the total leasable shopping center area in Turkey.
• According to JLL’s Cross Border Retailer Attractiveness Index 2015, Istanbul is the 7^th most attractive market in Europe after London, Paris, Moscow, Milan, Madrid and Rome.
• In spite of the growth in recent years, Turkey is still below the average of total leasable area per person compared to the European average. This indicates potential for further retail growth in Turkey.
• By the end of 2015, there were 13,615 registered accommodation facilities. 9,188 of these facilities were licensed by their respective municipalities, while the remaining 4,427 held tourism operation licenses. The combined total bed capacity of these facilities exceeds 1,250,000, although there is still a gap between supply and demand, particularly in Istanbul.
• There are currently 281 projects in the pipeline that would add 74,130 much-needed beds to Turkey’s short supply.

 Date: 13 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.