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15
TCMA
2016
Annual Report
During 2016, some of our taxation issues were resolved,
an undoubtedly key development with respect to our
sector. In the last quarter of 2014, we had submitted a
comprehensive study in this field to the public authorities.
In the two years that followed, we kept the subject under
close follow-up. Finally this year, some of our suggestions
in this respect were adopted in the Parliament with the
Law Amending Certain Laws for the Improvement of the
Investment Environment. Thanks to this step, stamp tax
charged to margin trading was abolished, which had long
been a topic of discussion, and an unjust implementation
in our opinion. Furthermore, stamp tax exemption was
introduced also for certain contracts made by venture
capital firms and trusts and real estate investment trusts,
papers issued in relation to lease certificates, and over-the-
counter derivative trading contracts which intermediary
institutions are a party to or are made thereby. We are
convinced that these steps will add further momentum to
our activities in the year ahead.
Automatic Enrolment in Private Pension represents another
development of 2016 that will bear a positive impact on our
sector in the long term. Thanks to automatic enrolment,
individuals under the age of 45 working in private and
public sector will be able to participate in the system and
save up to guarantee their own future. We are anticipating
that the expansion in the Private Pension System will lend
a boost to both asset management and intermediation
activities.
Another event that will reflect positively on our capital
markets was the incorporation of Turkey Wealth Fund. This
move will allow, for the first time ever, direct support from
public savings to our capital markets. Another point we
deem important for deepening and driving our market is
having our Association members serve in the management
of resources in this fund.
On another front, a pleasing step was taken with respect
to the resolution of disputes, a key duty and responsibility
of our Association. A Dispute Center was set up to handle
and resolve conflicts among our members or between our
members and their clients. Right afterwards, arbitration
committees began functioning under the Association, which