Business Reforms in Turkey
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Registering Property: Turkey made registering property easier by lowering the costs of transferring property.
Getting Credit: Turkey strengthened access to credit by adopting a new law on secured transactions that establishes a unified collateral registry and allows out-of-court enforcement of collateral. Turkey also improved its credit information system by adopting a new law on personal data protection.
Resolving Insolvency: Turkey made resolving insolvency more difficult by suspending applications for postponement of bankruptcy procedures introduced both before and during the state of emergency.
Starting a Business: Turkey simplified the process of starting a business by reducing the time needed to register a company.
Paying Taxes: Turkey made paying taxes easier by introducing electronic invoicing and electronic bookkeeping. At the same time, however, Turkey also increased the rate of transaction tax applicable on checks.
Dealing with Construction Permits: Turkey made dealing with construction permits easier by streamlining the process to obtain the fire clearance.
Starting a Business: Turkey made starting a business more difficult by increasing the notary and company registration fees.
Paying Taxes: Turkey made paying taxes more costly for companies by increasing employers’ social security contribution rate.
Enforcing Contracts: Turkey made enforcing contracts easier by introducing an electronic filing system for court users.
Starting a Business: Turkey made starting a business more difficult by increasing the minimum capital requirement.
Dealing with Construction Permits: Turkey reduced the time required for dealing with construction permits by setting strict time limits for granting a lot plan and by reducing the documentation requirements for an occupancy permit.
Getting Electricity: Turkey made getting electricity easier by eliminating external inspections and reducing some administrative costs.
Registering Property: Turkey made transferring property more costly by increasing the registration and several other fees.
Protecting Minority Investors: Turkey strengthened investor protections through a new commercial code that requires directors found liable in abusive related-party transactions to disgorge their profits and that allows shareholders to request the appointment of an auditor to investigate alleged prejudicial conflicts of interest.
Dealing with Construction Permits: Turkey made dealing with construction permits easier by eliminating the requirement to build a shelter in nonresidential buildings with a total area of less than 1,500 square meters.
Enforcing Contracts: Turkey made enforcing contracts easier by introducing a new civil procedure law.
Starting a Business: Turkey made starting a business less costly by eliminating notarization fees for the articles of association and other documents.
Paying Taxes: Turkey lowered the social security contribution rate for companies by offering them a 5% rebate
Getting Credit: Turkey’s private credit bureau added firms to its database, improving access to credit information.
Protecting Minority Investors: Turkey strengthened investor protections by requiring that an independent auditor assess related-party transactions before approval.
Paying Taxes: Turkey made paying taxes less costly for companies by reducing the tax rates on corporate income and on interest.
Trading across Borders: Turkey made trading across borders easier by introducing an electronic data interchange system, improving information technology infrastructure and training some 2,500 customs officers and 14,000 traders.