KEY LEGAL DEVELOPMENTS
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The Ministry of Treasury and Finance announced a revaluation rate of 58.46% for 2023 in the Official Gazette dated November 25, 2023. This rate will impact judicial and administrative fines, as well as tax amounts. |
| The new minimum wage figures, effective January 1, 2024, were announced in a Presidential Decree published in the Official Gazette on November 25, 2023. The decision sets the net minimum wage at 15,000 TL, 17,000 TL for a single worker without children, and 25,000 TL for a married worker with 3 children. In addition to the minimum wage, employers will also bear the cost of social benefits such as meals, transportation, and travel, totaling 8,500,000 for joint-stock companies and 8,000,000 for limited liability companies. |  |
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In accordance with the article on updating the map of duties and responsibilities of the parties in the National Action Plan to Combat Violence Against Women 2023, issued by the Presidential Decree, objectives have been determined such as: making arrangements for the effective implementation of legislation aimed at preventing, prosecuting and combating violence against all public institutions and organizations, strengthening managerial capacity at the central and local levels, expanding services for the protection of victims of violence and facilitating access to these services, and conducting training activities. |
| The Advertising Board has levied administrative fines totaling 16.7 million Turkish Liras on 152 out of 176 cases reviewed at their November meeting. During the November meeting, discount sale advertisements were scrutinized, and a decision was made to halt and impose administrative fines on advertisements deemed misleading or deceptive to consumers, creating the perception of discounts that were not actually being offered within the campaigns. |  |
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The Central Bank of the Republic of Turkey has revoked the operating license for the issuance and provision of payment services of IQ Money Payment Services and Electronic Money Inc. This action was taken because it was determined that the company no longer met the conditions for electronic money as outlined in Article 16 (c) and (ç) of Law No. 4473 on the Money and Capital Markets. The company was also found to have obtained the same declaration and document multiple times. |
| The Competition Board has decided to launch an investigation into 19 companies, including OYAK and Aselsan, which operate in the concrete production and sales sector. This decision follows a preliminary investigation to determine if there are any discriminatory and excessive pricing practices, in accordance with Law No. 4054. |  |