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ARTICLE · 06 JULY 2022

Istanbul Finance Center Law Entered Into Force

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In the Official Gazette dated June 28, 2022, and numbered 31880, the Istanbul Financial Center Law Numbered 7412 (the "Law") was published by the Turkish Grand National Assembly...

TurkeyFinance and Banking
Lale Defne Mete
Lale Defne Mete
Mira Gokalp
Mira Gokalp
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Introduction

In the Official Gazette dated June 28, 2022, and numbered 31880, the Istanbul Financial Center Law Numbered 7412 (the “Law”) was published by the Turkish Grand National Assembly in order to regulate the procedures and principles regarding the financial activities of the companies that obtained participation certificates in Istanbul Financial Center (“IFC”).  

Scope

This Law regulates the geographical area of the IFC, the provisions regarding the management and operations of the activities carried out in the IFC, and the tax deductions, exceptions, exemptions, and incentives related to these activities.

Important Definitions

Managing Company: The joint-stock company to be established by the Turkey Wealth Fund as the Managing Company to be responsible for the operation and management of the IFC. In the IFC, all kinds of management activities regarding the operation and management of all infrastructure and superstructure, renting of independent

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