On 31 March 2017, the Competition Authority announced Communiqué (No. 2017/4) on Payment by Joint Stock Companies and Limited Companies in Accordance with Law No. 4054 simplifying the payment process of a fee to the TCA. The TCA is entitled to collect 0,004% of the capitals of all partnerships to be newly established with the status of an incorporated and limited company.
On 13 February 2016, the Coordination Council for the Improvement of Investment Environment (YOIKK) took a decision on simplification of company establishment and liquidation processes and reduction of respective costs. In accordance with the decision, it was agreed to sign a protocol between the TCA and Turkish Union of Chambers and Commodity Exchanges (“TOBB”) in order to collect the 0.004% payment envisaged by Article 39 of the Turkish Competition Law by TOBB. In particular, the payment now may be made either through a private bank, or TOBB, or held in their accounts for a certain period of time. Previously such payments could be made only through one specific bank which was authorized by the TCA.
Hence, the recent change diversified and increased businesses’ choice in relation to how the required payment to the TCA is made.
Mustafa Ayna
