Law No. 6728 on the Amendments to Certain Pieces of Legislation
for the Enhancement of the Investment Environment
("LawNo. 6728") has
been put into effect on 09.08.2016 by way of its announcement in
the Official Gazette numbered 29796.
Law No. 6728 has introduced significant changes in the
provisions of the Turkish Commercial Law No. 6102
("TCC") and Turkish Cheque Law No. 5941
("Check Law"). Amendments to the TCC can
be summarized as follows; (i) company
incorporation costs have been significantly reduced by removing the
requirement for the notarization of the articles of association,
(ii) the process for changing legal form of
corporates has been improved, (iii) an easier and
economic way for drawing up signature circulars for corporates has
been introduced, (iv) liquidation process of
corporates is accelerated and (v) a new barcode
system which is going to include necessary information regarding
check account owners has been introduced for the checks. In
parallel with the foregoing, criminal sanctions are going to be
imposed on the issuers of bad-checks pursuant to the amendments on
In addition to the above, certain provisions of the Execution
and Bankruptcy Law No. 2004 concerning application for the
postponement of bankruptcy, the cure project that needs to be
presented for court approval, the appointment of trustees who will
run the company during postponement term and the measures which may
be taken by court to protect and preserve the company's assets
during postponement period have been amended.
Apart from the foregoing, there have been made significant and
far-reaching amendments to a number of Turkish Tax laws namely, to
the Income Tax Law No. 193, the Tax Procedure Law No. 213, the
Stamp Tax Law No. 488, the Value Added Tax Law No. 3065 and the
Corporate Tax Law No. 5520 with a view to facilitating new
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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