The Communiqué on Valuable House Tax Değerli Konut Vergisi Tebliği   The “General Communiqué for the Implementation of Valuable House Tax” was published on the Official Gazette dated 15.01.2021. The valuable house tax will be imposed on the houseowners whose properties’ tax value exceeds 5 million 250 thousand Turkish Liras. The accrued valuable house taxes…

The Regulation on Natural Gas Futures Market Vadeli Doğal Gaz Piyasasına İlişkin Düzenleme   “The Regulation Amending the Organized Natural Gas Wholesale Market Regulation” was published on the Official Gazette dated 12.01.2021. According to the concerned regulation; the market participants who would like to carry transactions in the natural gas futures market, shall sign the…

e-Mining Application Update e-Maden Uygulaması Güncellemesi   Pursuant to the announcement dated 06.01.2021 of the General Directorate of Mining and Petroleum Affairs (“General Directorate”); State rights, business license fees, environmental compliance fees/securities that have been deposited to the General Directorate can be viewed by the license owners on e-Government Gateway through e-Mining application on Financial…

Central Bank Default Interest Rate for 2021 2021 Yılı Merkez Bankası Temerrüt Faizi Oranı   Pursuant to the Communiqué No. 31352 issued by Central Bank of the Republic of Turkey (“Central Bank”) published on Official Gazette dated 02.01.2021, the default interest rate of 2021 for the procurement of goods and services has been determined. According…

Amendment on the Implementation of Article 376 of the TCC TTK’nın 376. Maddesinin Uygulamasında Yapılan Değişiklik   “Communiqué on the Amendment Regarding the Communiqué on the Procedures and Principles Regarding the Application of Article 376 of the Turkish Commercial Code No. 6102 (‘Communiqué’)” was published on Official Gazette dated 26.12.2020 Pursuant to this Communiqué, the…

The Lists of Requests Approved by GDMPA MAPEG Tarafından Uygun Bulunan Talep Listeleri   The lists dated 22.12.2020, regarding the requests of exploration license, transfer, operating license, renewal and royalty that have been approved by the General Directorate of Mining and Petroleum Affairs of Turkey (“GDMPA“) are published.     Maden ve Petrol İşleri Genel…

Short-time Working Allowance Period Has Been Prolonged Kısa Çalışma Ödeneğinin Süresi Uzatıldı   Pursuant to Presidential Desion No. 3316 and Presidential Decision No. 3317 published on Official Gazette dated 23.12.2020, the short-time working allowance period and the application period for it have been prolonged.   23.12.2020 tarihli Resmi Gazete’de yayımlanan 3316 sayılı Cumhurbaşkanı Kararı ve…

UK Supreme Court Clarified The Law Governing Arbitration Agreements Birleşik Krallık Yüksek Mahkemesi Tahkim Anlaşmalarına Uygulanacak Hukuka Açıklık Getirdi   United Kingdom Supreme Court clarified the choice of law test in determining applicable law of arbitration agreements in its recently issued judgment regarding the case between Enka Insaat Sanayi A.S. (“Enka”) and OOO Insurance Company…