28.07.2017

In Which Incorporate General Meetings Should There Be a Ministry Representative?
There should be a ministry representative in incorporate general meetings listed below and in second meetings made in the event of adjournment of these meetings;

1- In all the general meetings whose incorporation and the amendment of articles of incorporation are subject to ministerial permission,
2- In other companies, if the agenda is
        2.1- Capital increase or decrease,
        2.2- Switching to the registered capital system and vice versa,
        2.3- The increase in the upper limit of registered capital,
        2.4- The amendment in the articles of incorporation related to the alteration in the subject of activity,
        2.5- Merging,
        2.6- Separation,
        2.7- General meetings about the change in kind of Corporation,
        2.8- The general meetings of some companies which allow the authority to attend the meeting electronically,
        2.9- All the general meetings done abroad,
        2.10- Privileged shareholders’ special general meetings done abroad.

It is not compulsory for a ministry representative to be present at the general meetings except from the ones listed between 2.1 and 2.6 and at the privileged shareholders’ special general meetings,

Can a Ministry Representative be called in the general meetings even if it is not compulsory?
A ministry representative can be assigned if people who convene the participating committee members request and this demand are considered appropriate by the tasking authority.

For the meetings in which a ministry representative is required, the applications made directly to the participating committee for the assignment of a Ministry representative by persons other than the conveners will not be taken into consideration.

This request should be made to the company in order to present it for consideration of tasking authority on condition that the shareholders constituting 1/10 of the capital give justification. The conveners should send this request to the tasking authority.

In the meetings where a ministry representative is required, the decisions made in the absence of ministry representative are not valid.

The person, who is assigned as a ministry representative in general meeting, should be presented to the related registry of commerce.

Source: The regulations about the Ministry of Customs and Trade Representative attending to the general meetings and the procedures and principles of these meetings of Stock Companies.

28.07.2017

According to the Population Increase Statistics, it is estimated that there will be
78.965.645 people                    in 2016
85.569.125 people                    in 2025
93.175.281 people                    in 2045
93.475.575 people                    in 2050
91.800.361 people                    in 2065 (There is anticipated a decrease.)
89.172.088 people                    in 2075 (There is anticipated a decrease.)

The total amount of World population is around 7.350 billion people by year 2016; however, by 2050, that number is estimated to reach 12 billion people.

It is anticipated that the number of people born to the World up until now is around 110 billion people.

Source: Turkish Statistical Institute – Wikipedia

27.07.2017

1- COST SHEET OF SOME NET PAYS ACCORDING TO THE LAW PARAMETERS IN 2017
As is known, there are some taxes payables stated below over the payrolls of employees who are connected to an employer with labor contract,

1- SSI Premium (4/a)
2- Unemployment premium
3- Income tax deduction
4- Stamp tax deduction

In order to get an idea on salary increase and wage costs in 2017,
Some calculations like

• SSI and Tax Premium costs
• Gross fee, Net pay
• The part of a wage regarded as expense
• Wage cost and net pay ratio
• Gross fee and net pay ratio

have been presented below in order to get an idea.

2- THE AVERAGE OF 12-MONTH PAYROLL (BETWEEN JANUARY AND DECEMBER 2017)
Payroll table of an employee who works between January 2017 and December 2017 according to various salaries:

Table-1

3- THE AVERAGE OF 12-MONTH PAYROLL (BETWEEN JANUARY AND DECEMBER 2017)
Fee schedules of an employee who works between January 2017 and December 2017 according to various salaries and the part of a wage regarded as expense and 20 % of corporate tax cut of the payment regarded as expense

Table-2

4- 12 MONTH AND MONTHLY COST SHEET OF SALARIES (BETWEEN JANUARY AND DECEMBER 2017)
Fee schedules of an employee who works between January 2017 and December 2017 according to various salaries and the 12-month and monthly costs, the total amount of costs and incoming net pay ratio

Table-3

4- INFORMATIONS ABOUT THE CALCULATIONS IN THE TABLE
4.1- The calculations are done according to payroll law parameters in 2017.
4.2- The wages are calculated by paying regard to 12 months (between January and December 2017). Because of progressive income tax tariff, the amounts will be more different than the table prepared for the person who works between April and December 2017. It is important to be careful in this respect.
4.3- Corporation tax rate is considered as a criterion in the tax costs of the wage costs. The calculation of income tax deduction will be different for the taxpayers of income tax because of progressive income tax tariff.
4.4- Dividend policy (after the income tax deduction) is not indicated in the table which presents tax deduction.
4.5- The tables are only valid for 2017. The calculations of previous and following years are different.
4.6- In the calculations, SSI and unemployment premium at the rate of 32, 5 % (5 point discount), progressive income tax tariff for wage earners, stamp tax and minimum living allowance in the value of 133, 31 TL are taken into consideration.
4.7- The data in the table will differ according to workplace, sector, SSI and income tax incentives, the amount of minimum living allowance. We advise you to take an expert’s support for the circumstances stated or not stated here.
4.8- The calculations are intended for informing. Responsibility is not accepted.

26.07.2017

Donations and Charities that can be deducted from tax providing that they are stated in Corporate Tax Return;

– 5 % of the net profit of the company donated against a receipt to general and special budgeted public administrations, provincial special administrations, municipalities, villages, foundations exempted from tax by Council of Ministers, nonprofit voluntary organizations, state institutions and organizations that carry out scientific research and development. 

– All donations and charities in kind and in cash granted in order to construct or cover the expenses of general and special budgeted public administrations, provincial special administrations, school and health facility donated to municipalities and villages, dormitory whose bed space should not be less than 100 (bed space should be 50 in priority regions for development) and nursery school, orphanage, eventide home, nursing and rehabilitation center, sanctuaries that will be subject to local authority’s permission and supervision, facilities that provide religious education under the control of Religious Affairs Administration, youth centers and scout camp belonging to the Ministry of Youth and Sports.

– 100 % of donations and charities granted against a receipt and the expenses supported by the Ministry of Culture and Tourism done by general and special budgeted public administrations, provincial special administrations, municipalities and villages, foundations exempted from tax by Council of Ministers, nonprofit voluntary organizations and organizations that carry out scientific research and development and the expenses supported by the Ministry of Culture and Tourism.

– All donations and charities in kind and in cash done against a receipt for aid campaigns launched by the Prime Ministry and Council of Ministers.

– All donations and charities in kind and in cash granted against a receipt for Turkish Red Crescent and Turkish Green Crescent Society, except their commercial enterprises.

26.07.2017

According to the provisions of the law no. 3568 in Turkey,

The total number of Professional accountant, independent accountant and financial advisor and CPA are 99.302 by the end of November 2016.

-The first three cities with the highest number of Professional accountant, independent accountant and financial advisor, CPA are Istanbul, Ankara and Izmir respectively. The total amount of Professional accountant and independent accountant and financial advisor are 57.974 in these three cities; moreover, the half of the total amount of them is in service/ work in these cities as dependent or independent.

The first three cities with highest number of professional accountant, independent accountant and financial advisor are listed below:

If Istanbul, Ankara and Izmir are looked over with following 7 cities, the total amount of professional accountant, independent accountant and financial advisor will be 74.967. It means that 75 % of professional accountants, independent accountant and financial advisors are located in 10 cities in Turkey.

-Muş has the minimum number of professional accountant, independent accountant and financial advisor with 39 people in Turkey.  The city of Muş is followed by Bitlis and Gümüşhane. The total amount of professional accountant, independent accountant and financial advisor is 166 in these three cities and it is equal to 0, 16 % of Turkey.

-According to the PA, IAFA and CPA law no. 3568, the number of member of that profession titled certified public accountant is 4.709 people. There are 8 chambers of certified public accountants and the table about certified public accountants being registered to these chambers is indicated below.

The first three cities with the highest number of certified public accountant are Istanbul, Ankara, Izmir, respectively.

Source: TÜRMOB (Union of Chambers of Certified Public Accountants and Sworn – in Certified Public Accountants of Turkey)

25.07.2017

Turkey’s 10 strongest women in 2016 have been made public!!!
The list has been done by taking into consideration 4 criteria.
-The largeness of the company and its importance in the global economy
-The performance of the institution and its course
-how the director gets ahead in career path
-his/her impact on social and cultural progress
Turkey’s 10 strongest women in 2016 is listed according to the reports and analyses of platforms like Turkish Industry and Business Association, Young Businessman Association, Women Entrepreneurs Association, Chamber of Industry and Trade, Fortune 500, HR and Career Sites, Research Companies, Nielsan Media, Deloitte:

1- Güler Sabancı – Sabancı Holding CEO
2- Gülsüm Azeri – OMV Turkey CEO
3- Cansen Başaran Symes – Chairman of Tüsiad – Allianz Sigorta – Allianz Hayat ve Emeklilik YKB
4- Suzan Sabancı Dinçer – Akbank CEO and Executive Director
5- Canan Özsoy – General Electric Turkey CEO
6- Pınar Abay – ING Bank Turkey Chief Executive of the Company
7- Meral Eredenk Kurdaş – Avivasa Emeklilik ve Hayat CEO
8- Demet İkiler – Group M CEO and WPP Turkey Chief Executive
9- Galya Frayman Molinas – Coca-Cola Turkey, Caucasus and Central Asia Chief Executive
10-Nazlı Ümit Boyner – Boyner Holding Finance and Investment Supervisor – Member of Board

Source: Fortune 500

22.07.2017

According to Istanbul Chamber of Industry’s 2014 year-end research, the most industrialized enterprise in Turkey is Arçelik in consideration of annual average.
It is determined that the average number of employees of Arçelik Inc. is 16.982 in 2014.
Furthermore, Sofra Yemek Üretim Inc. ranks number two with 11.783 employees and The General Directorate of Turkish Hardcoal Authority ranks number three with 11.088 employees.

Source: Istanbul Chamber of Industry – 2014 Data

21.07.2017

1- HOW MUCH IS THE MINIMUM WAGE IN 2017?
The Minimum payment amount in 2017;
Gross                   : 1.777,50 TL
Net                       : 1.404,06 TL (minimum living allowance in the value of 133, 31 TL is included.)
Cost                      : 684, 50 TL (SSI + Unemployment Premium + Income T. + Stamp T.)

Note-1: The minimum living allowance in the value of 133, 31 TL stated above and included in net amount is minimal and it can be increased to 226, 63 TL in line with the economic conditions of the family. Correspondingly, an employee’s net minimum wage in the value of 1.404,06 TL can increase up to 93, 32 TL.

2- WHAT IS THE COST OF THE MINIMUM WAGE IN 2017?
The cost of minimum wage in 2017 is presented below;

Note-2: The total of SSI and Unemployment Premium is 32, 5 % (with a discount in the value of 5 points). The minimum living allowance is regarded as 133, 31 TL.

3- WHAT IS THE COST WRITTEN OFF FOR AN EMPLOYEE WITH MINIMUM WAGE IN 2017?
The costs written off for an employee with minimum wage in 2017 is indicated below;
1- Net Cash         :1.404,06 TL
2- Cost                 :684,50 TL
GRAND TOTAL: 2.088,56 TL

***2.088, 56 TL can be written off as a cost for the company.

That amount is the total amount that should be paid for an employee with minimum wage (The Employee and The Employer).

4- MONTHLY WAGE PAYROLL OF THE MINIMUM WAGE IN 2017
Monthly wage payroll of the minimum wage in 2017 is presented below;

19.07.2017

The most polluting countries in Europe!!!

According to the recent researches, Poland is the most polluting country when it produces energy.

In accordance with the real-time statistics prepared by the founder of Tomorrow Oliver Corradi, Germany and Estonia are one of the most polluting countries.

In compliance with the same statistics, France and Sweden turn out to be among the least polluting countries together with Norway, despite the use of nuclear energy which is regarded as hazardous and uneconomic in the long run.

The experts indicate that EU countries need to exchange more energy so that they can export renewable energy which they produce more than they use.

Source: Euronews

The Determination of 2-Year Rule When Selling the Properties Being Subject to Lease Certificate Purchase/Sale Transactions in line with the Sale and Release and Get Back Procedure!

1- On condition that they are taken back at the end of the agreement and on the purpose of lease back within the scope of Leasing, Factoring and Financing Companies Law dated 21/11/2012 and numbered 6361,
The period of holding the assets in the active accounts of the leasing, participation, development and investment banks should be taken into consideration for the selling of transferred properties to
1.1- The financing companies by the corporations,
1.2- The development and investment banks and participation banks in the selling of properties to the third persons by the leasee on the occasion of sale and release and take back procedure.

2- In the selling of the properties transferred to the leasing companies to the third persons by the parent company for the purpose of lease certificate purchase/sale transactions within the scope of Capital Market Law dated 06.12.2012 and numbered 6362, the period of time of the active account of leasing company should be taken into consideration while calculating of period of holding the assets in the active account.

Source: Corporate Tax Law