Debt Collection In Turkey
Two methods can be used for debt collection under Turkish law. A creditor can either initiate litigation procedures by filing an action of debt before local courts or enforcement proceeding without judgement may be started before execution offices.It must be emphasized that a foreign claimant filing an action of debt or a foreign creditor starting an enforcement proceeding without judgment must deposit security unless there is a legal or de facto reciprocity between the claimant/creditor’s country and Turkey. Legal reciprocity is the existence of a judicial assistance agreement or being a party to the related convention. De facto reciprocity is
PERSONAL DATA PROCESSING ACTIVITIES OF SOME WEBSITES AND MOBILE APPLICATIONS WERE DECIDED TO BE TERMINATED IMMEDIATELY
Pursuant to the Article 15/6 of the Law on Protection of Personal Data, the Personal Data Protection Board has a right to make principle decisions if it is determined that there is a widespread breach of the Law as a result of reviews conducted upon complaints or ex officio. Within this scope, two principle decisions were published within the Official Gazette on 25.1.2018. With the decision of 2017/61, it was resolved that the data processing activities of websites and mobile applications which are providing communication information of persons without a legal basis shall be terminated immediately. Otherwise it was set out
Anti-Dumping Duty Will Be Imposed to Solar Panels from China
As a result of the damping investigation about the solar modules and panels that are imported from the People’s Republic of China which was carried out by the Ministry of Economy General Directorate of Imports, it is determined that the products are dumping and caused injury to the domestic production. Therefore it was decided that anti-dumping duty of USD per m2 shall be applied to the products shown below with the application of absolute measures against dumping and within the scope of the Communique on Prevention of Unfair Competition in Imports numbered 2017/6. The Communique was published in the Official
The Eligible Consumer Limit Is Determined As 2400 kWH for 2017.
By the decision of EMRA dated 22.12.2016, amendments were made to the Law numbered 4628 and the Regulation on Electricity Market Consumer Services to set forth the eligible consumer limit as 2400 kWH for 2017. The decision was published on the Official Gazette on 27.12.2016 and the amendment will be applied starting from 01.01.2017. Accordingly, 8.4 million subscribers shall be able to benefit from the decreased limit provided that their monthly electricity consumption is equal to at least 82 TL.
Turkish Sovereign Wealth Fund
Sovereign wealth fund may be defined as a state-owned investment fund or an entity that is typically created by governments with budgetary surpluses for mainly capital preservation and/or investment return purposes.Since 2005 at least 40 sovereign wealth funds were created globally and Turkey joined among these countries such as Canada, China, Japan, US and Qatar in 2016 by enacting the Law numbered 6741 on the Establishment of the Turkish Sovereign Wealth Fund Management Incorporation (“Law”).The Law was published in the Official Gazette dated 26.08.2016 and numbered 29813. The Law sets out that the Turkish Sovereign Wealth Fund Management Incorporation (“Company”)
New Law on Movable Pledges Will Enter into Force on 1 January 2017
The Law on Movable Pledge for Commercial Transactions (“Law”) was published in the Official Gazette on 28.11.2016 which will repeal the current Commercial Enterprise Pledge Law numbered 1447 and be in effect as of 1 January 2017. The Law aims to extend the use of moveable pledge without delivery as a security, to widen the scope of the movables that are subject of this pledge, to ensure publicity of movable pledge and to facilitate access to financing by providing alternative methods for foreclosure of movable pledges. The Regulation which will determine the procedures and principles for various matters within the scope of
New Law on Movable Pledge
The Law on Movable Pledge for Commercial Transactions (“Law”) was published in the Offical Gazette on 28.11.2016. The Law will repeal the current Commercial Enterprise Pledge Law numbered 1447 and be in effect as of 1 January 2017. Various revisions are introduced to the movable pledge are with the new Law. Together with this issues that may arise due to the application of the Law are expected to be resolved with the secondary legislation. The purpose and scope of the law The Law aims to extend the use of moveable pledge without delivery as a security, to widen the scope of the
Kentsel Dönüşüm Yönetmeliği Değişiklikleri
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Anayasa Mahkemesi Kararları Işığında Enerji Piyasalarında Uygulanan Maktu İdari Cezalar
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Acquisition of Real Estate in Turkey by Foreigners
The construction & real estate sector is one of the largest contributors of the economic growth of Turkey during the period of the past 10-15 years. The legal regulations enabling and simplifying the acquisition of real estate by foreigners, urban renewal and large real estate projects together with high yield ratios also made a positive impact on the foreign investments that were made to the Turkish real estate market by the investors. Brief information will be provided below in relation to the legislation in respect to the acquisition of real estate by foreigners. The Legal Restrictions The reciprocity condition which was applied