Significant Changes in Foreign Trade Related Legislation
Official Gazette Summary dated 06.11.2021
Law No. 7341 was published. Summary of the law;
1- According to Article 3 of the Provisional Czech Code, until 31/12/2021, the payment of the cheque to the interlocutor bank was invalid. This date was extended to 31/12/2023.
2- In the liquidation of the companies, the remaining assets could not be distributed until six months after the date of the third call to the creditors. This six-month period was reduced to three months.
3- On 14 October, Export Development Joint Stock Company (IGE) was established with a 5% partnership of 95% Eximbank of the Turkish Exporters Assembly with a capital of 10 million liras. Through the IGE, the company's goal is to ensure that exporters who are not sufficiently able to benefit from various credit and support opportunities due to lack of collateral will be granted access to the loan through bail. On this occasion, exporters will not have to mortgage their factory, land to the bank in order to get a loan, the collateral problem will be solved. This is the minvalde company;
- Exemption from Corporate Tax,
- Exception from VAT,
- Exceptions from the Stamp Taxes,
- It was defined as an exception from tuition. Amendments have been made to the relevant laws.
- Union dues increased. The entry fee and annual dues for the Service sector in the Exporters' Unions were collected in the amount determined between the gross amount of the monthly minimum wage and 5 times that amount. This can be removed by a general assembly decision of up to 20 floors.
- An additional relative payment deduction may be made at the rate set by the Ministry of Trade through export operations for the IGE up to three-thousandths of the FOB price.
- In order to be added to the capital of the IGE for service sectors, an additional annual due will be collected by the Ministry of Commerce in the amount determined by the annual turnovers up to 10 times the monthly minimum wage.
4- With the temporary clause added to the Free Zones Act, the earnings of the operators from the activities related to the operation of free zones in the Free Zones to be established in the Free Zones shall be excluded from the income or institutions tax, limited to not exceeding 30 years and the period specified in the first operating license.
