Press releases and law firm thought leadership
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Published: Jun 2015 at 03.29
Newspaper section: Business
Involuntary Partnership Tax on Sales of Land Highlighted
A change to the Revenue Code last year repealed the exemption of personal income tax (PIT) on profits distributed from a non-registered partnership and a body of persons. It put an end to one of the most abusive tax-planning schemes used by the wealthy. However, it has also created onerous tax liabilities for individuals who have no choice but to run a business via such vehicles.
As one of its main environmental objectives, EU Directive 2000/60/EC ("Water Framework Directive" – WFD), in concreto its art 4, requires all Member States to achieve – subject to several exemptions, such as the possibility to extend the timeframe – the "good status" of all surface water bodies and groundwater bodies by 22 December 2015. read more...
Enforcement of the Act on the Registration, Evaluation, Etc. of Chemicals The Act on the Registration, Evaluation, Etc. of Chemicals (“K-REACH”) and its subordinate regulations, i.e., the Enforcement Decree and the Enforcement Rules to K-REACH, took effect as of January 1, 2015. Under K-REACH, businesses handling chemicals are subject to more stringent government control; for instance, any person who intends to import (i) a new chemical, (ii) a pre-existing chemical of one ton or more per year, or (iii) a product containing hazardous chemicals, is required to file the respective report with the regulatory authority.
By announcing the Online Personal Information Processing Guidelines (the “Guidelines”) on November 12, 2014, the Korea Communications Commission (“KCC”) has further clarified the standards for (1) collecting minimum personal information, (2) destroying personal information, and (3) obtaining consent, as required under the Act on the Promotion of Information and Communications Network Use and Information Protection (the “Network Act”). The Guidelines contain the following key points:
As from 1 July 2015, the maximum amount of the fixed mileage compensation is set at 0.3412 EUR per kilometer Read more
The Government amended the Presidential Decrees of various tax laws on February 3, 2015. Included below are some highlights:
The Basel Committee on Banking Supervision proposed reforms after 2007, known as Basel III. The Basel Committee, including Turkey, decided to implement Basel III starting from 2013 until 2019.
The draft tax bill introduced in the Austrian Parliament last week will implement the most significant tax reform in the country's history. read more...
Turkey: Will the Constitutional Court's Latest Cancellation of the Provisions of the Trademark Decre
Trademark or/and service mark applications can be filed in Turkey in accordance with the Decree Law No. 556 (“Decree Law”) enacted in 1995. read more...
The entry of foreigners into Turkey, visa requirements, principles and procedures of the scope and application of international protection, regulations and novelties on establishment, duties and the mandate of General Directorate of Immigration Management (“General Directorate”) is regulated by the Law on Foreigners and International Protection No. 6458 that was published on April 11, 2013. The Law on Foreigners and International Protection No. 6458 (“the Law”) has entered into force on April 11, 2014 and has abrogated the formal Law on Residence and Travels of Foreigners in Turkey No. 5683 by entering into force.