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TCMA
2016
Annual Report
Draft Income Tax Law
Draft Income Tax Law combining the Income Tax Law and
Corporate Tax Law in force under a single law was drafted
in the previous legislative year and submitted to the Turkish
Parliament. The draft was deemed null and void due to
renewed elections. The Council of Ministers saw it fit that
the draft should be renewed, which was then resubmitted
to the Parliament on 5 January 2016. Work continued to
communicate the sector’s feedbacks and suggestions
to the Parliament and the Ministry of Finance during the
legislation process.
BITT Application in Arbitrage Transactions
T.R. Ministry of Finance Revenue Administration has been
presented with the Association’s feedback and opinions
that the mutual transactions performed by our members
on Borsa İstanbul Equity Market and Borsa İstanbul
Derivatives Market be regarded as arbitrage transactions,
and BITT (Banking and Insurance Transactions Tax)
exemption should be made available thereto.
Form Bs Implementations
It has been stated that retroactive special irregularity
fines going back to 2008 served on institutions based
on the claim that mutual funds were required to file Bs
forms even if they were blank were adjudged in favor of
the institutions that submitted the situation to litigation
because of difference of interpretation. Hence, T.R. Ministry
of Finance Revenue Administration has been presented
with the opinion that it should be established that filing
blank Bs forms by mutual funds is not required.
Draft General Communiqué on the Law. No 6736 for
Restructuring of Certain Receivables
The sector’s feedback and suggestions received from our
members regarding the Draft General Communiqué on the
Law no. 6736 for Restructuring of Certain Receivables of
the T.R. Ministry of Finance Revenue Administration has
been conveyed to the Revenue Administration.
Law Amending Certain Laws for the Improvement of the
Investment Environment
The feedback and suggestions formulated by the
Association for resolution of taxation issues that
prevent the flourishing of our capital markets have been
communicated to the T.R. Ministry of Finance Revenue
Administration.
Draft General Communiqué on Tax Procedure Law
T.R. Ministry of Finance Revenue Administration was
presented with our members’ feedback and suggestions
regarding the Draft General Communiqué on Tax Procedure
Law containing explanations about the implementation
of changes made in relation to the “Notification Form for
Goods and Services Purchases and “Notification Form for
Goods and Services Sales”, for which feedback was sought
by the T.R. Ministry of Finance Revenue Administration.
Meetings of the TBMM Subcommittee for Investigating
Unjust Treatments in the Forex Market
The Turkish Parliament Committee on Petitions decided
that a subcommittee be set up for investigating the claims
that intermediary institutions in the Forex market treated
individual investors unjustly.
The Parliamentary Subcommittee on Petitions was
presented with the letter containing our opinion that
our Association should attend the meetings to be held
by the Parliamentary Subcommittee for the leveraged
trading transactions service offered by the Association-
member intermediary institutions to their clients as part of
investment services and activities within the scope of the
duties imposed on our Association by the Constitution, the
Law and its Statute.
Venture Capital Investment Funds as Company Founding
Partners
In view of the fact that the capital market legislation allows
venture capital investment funds to become a founding
partner in joint stock companies in order to enable venture
capital investments, we have presented our opinion for
consideration to the T.R. Ministry of Customs and Trade
that it needs to be resolved that, in practice, venture capital
investment funds are unable to become founding members
in joint stock companies based on the preamble that they
are not legal entities.
International Valuation Standards
The CMB assigned our Association and the Turkish
Appraisers Association (TDUB) for defining the principles
of valuation services to be received in appraisals by
companies subject to the capital market legislation, capital
market institutions and issuers.