INSURANCE AND REINSURANCE BROKERS REGULATIONS RECEIVE SIGNIFICANT REVISIONS:

Significant revisions have been made in the regulations regarding insurance and reinsurance brokerage. The amendment introduce substantial novelties that impact everyone currently involved or intending to enter the sector.

THE CEILING FOR STAMP DUTY RAISED BY 58.46% FOR 2024:

The Turkish Revenue Administration has revised the ceiling of the stamp duty that became applicable as of 1 January 2024.

MARINE POLLUTION FINES REVISED FOR 2024:

Pursuant to Article 20 of the Turkish Environmental Code no. 2872 (“Code”), fines are imposed on vessels for causing pollution in Turkish waters through discharge of petroleum products, dirty ballast, garbage and sewage into the sea. Marine pollution fines are updated annually to adjust for inflation.

MINIMUM CAPITAL REQUIREMENTS FOR JOINT STOCK & LIMITED LIABILITY COMPANIES REVISED BY PRESIDENTIAL DECREE:

The Presidential Decree dated 24/11/2023 and numbered 7887 on the increase of the minimum capital amounts for joint stock and limited liability companies to five times will enter into force on January 1, 2024.

HARDER THE GOVERNANCE EASIER THE ALLOWANCE: TURKEY INTRODUCES NEW REGULATION ON REGULAR VOYAGES CONDUCTED BY VESSELS:

Turkey has recently introduced the "Regulation on Regular Voyages Conducted by Vessels” (“Regulation”), replacing the previous regulation in force since 2010. The Regulation outlines the principles and procedures for establishing and operating regular voyages by vessels transporting vehicles and/or passengers between Turkish coastal facilities and, additionally, between Turkish coastal facilities and those abroad.

Historic Judgement from The Constitutional Court: The Provision for Suspended Sentences Is Scrapped:

Turkey's Constitutional Court has rendered a landmark decision, ruling that the provision which allowed the deferral of verdicts for certain crimes, is unconstitutional.

Health Ministry to Exercise Strict Scrutiny over Promotional & Informational Activities:

The Turkish Ministry of Health introduced a new regulation to standardize healthcare promotional activities.

HIGH INFLATION FORCES DATA PROTECTION BOARD TO REVISE THE REGISTRATION THRESHOLD:

The fluctuating value of the Turkish Lira and very high inflation rates in recent times has brought about the need to constantly update the financial criteria in a number of legal regulations.

Turkey Adopts New Economic Measures: Latest Increases in VAT, Consumer Loan Tax, and Fees :

TURKEY IMPLEMENTS NEW REGULATION FOR SHIP REGISTRIES, SCRAPPING OUTDATED LEGISLATION:

Turkey has recently introduced a new "Regulation on Ship Registries", setting out the principles and procedures for the establishment and operation of new registries, registration of vessels, as well as the responsibilities of the registry officials.