ARTICLE · 24 AUGUST 2016

Large Scale Changes In Turkish Commercial Law Tax

Aksac Law Office

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Law No. 6728 on the Amendments to Certain Pieces of Legislation for the Enhancement of the Investment Environment ("Law No. 6728") has been put into effect on 09.08.2016 by way of its announcement in the Official Gazette numbered 29796.

TurkeyTax

Law No. 6728 on the Amendments to Certain Pieces of Legislation for the Enhancement of the Investment Environment ("Law No. 6728") has been put into effect on 09.08.2016 by way of its announcement in the Official Gazette numbered 29796.

Law No. 6728 has introduced significant changes in the provisions of the Turkish Commercial Law No. 6102 ("TCC") and Turkish Cheque Law No. 5941 ("Check Law"). Amendments to the TCC can be summarized as follows; (i) company incorporation costs have been significantly reduced by removing the requirement for the notarization of the articles of association, (ii) the process for changing legal form of corporates has been improved, (iii) an easier and economic way for drawing up signature circulars for corporates has been introduced, (iv) liquidation process of corporates is accelerated and (v) a new barcode system which is going to include necessary information regarding check account owners has been introduced for the checks.

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