Turkey Financial News

Posted by meb at June 13th, 2008

Parliament yesterday debated the law that regulates the sale of land to foreigners. Some experts believes the new act will allow for more land to be sold to foreigners, while others believe it will bring more limitations, as it will make the procedures more confusing.

Yet, another long-standing issue is will selling land to foreigners become a threat to Turkey’s security and independence?

“It should not be overlooked that taking hold of land [by foreign entities] will also mean giving away political and cultural independence,” read a press statement by the Union of Chambers of Turkish Engineers and Architects, or TMMOB. (more…)

Posted by meb at June 8th, 2008

Exporters and both Turkish and Russian business councils reacting to the decision of Russian authorities to ban imports of some Turkish agricultural products highlight Russia’s high standards for agricultural imports and the significance for Turkey of trade between the two nations.

Last Friday, Russia’s agricultural regulator, the Federal Veterinary and Phytosanitary Control Service (Rosselkhoznadzor), announced that it would suspend Turkish agricultural imports beginning June 7 following the discovery of high levels of chemical fertilizer in certain products. The agency said around 4 million tons of agricultural produce that Turkey exported to Russia in 2008 contained pesticides and nitrate traces in “amounts significantly exceeding the maximum permitted levels set by Russian law.” (more…)

Posted by meb at June 6th, 2008

Turkish real estate agents and foreign buyers remain at loggerheads over Parliament’s failure to pass a law regarding the purchase of property by foreigners.

Despite the government’s promise to pass the law as soon as possible, recent political tensions have stalled the necessary amendments to Turkey’s Title Deed Law, halting all sale of property to foreigners for the moment.

With the advent of summer, foreigners, who believe they have purchased property in Turkey, are arriving by charter planes only to find they cannot collect their property because of legislative delays – a situation that is making real estate agents furious over the delay in passing the law. (more…)

Posted by meb at June 4th, 2008

The government has introduced a plan to utilize local governorships in efforts to encourage investment by speeding up bureaucratic procedures.

Under the plan, so-called one-stop investment desks will be established by local governorships to help investors through the necessary paperwork. The desks are scheduled to begin operations in two months. (more…)

Posted by meb at May 30th, 2008

A draft bill prepared by Justice and Development Party (AK Party) İstanbul deputy Mehmet Domaç will exempt yachts, cutters and motorboats from vehicle and motor vehicle taxes.

The bill aims to persuade Turkish private vessel owners who currently register their boats with foreign countries to return to running their vessels under the Turkish flag. The regulation also aims to increase demand for maritime businesses by helping them lower costs, which have risen with increasing fuel costs. The bill has already been presented to a parliamentary commission and the government has given its full support to the proposals laid out in it. (more…)

Posted by meb at May 22nd, 2008

The scope of the build-operate-transfer (BOT) method has been expanded in a move enabling public institutions to launch BOT tenders in more fields, with amendments to the BOT investment law and the law on public waterworks investment published in yesterday’s Official Gazette.

Investments requiring advanced technology and sizable financial resources by public institutions can now be put out to bid via the BOT method. With the amendment, the construction of major highways that run parallel to toll roads, stations adjacent to railways, and all ground facilities next to airports can be accomplished via BOT tenders. (more…)

Posted by meb at May 20th, 2008

Most Turks passed the initial test as a new law that imposes strict restrictions on places where people can smoke came into force yesterday.

On the first day that the law was in effect, also a national holiday, many people flooded into shopping malls throughout Istanbul. Shoppers and sellers alike were forced to take their smoking outside, and the initial impression is that most complied, if somewhat grudgingly. Most of those who were smoking outside in the searing heat noted that they would rather smoke in an air-conditioned smokers’ room.

Local shopkeepers meanwhile are worried that the new law will hit their businesses hard. (more…)

Posted by meb at May 13th, 2008

Turkey’s new Research and Development (R&D) Incentive Law, which has sparked an inflow of investments in many sectors including automotive and pharmaceuticals, is now attracting the financial sector.

Encouraged by Turkey’s new law on R&D, BNP Paribas, the French partner of Turkish Economy Bank (TEB), decided to move its R&D center from France to Turkey. The French company will develop software and train staff in Turkey in order to halve its costs. (more…)