Mon, Apr
43 New Articles

Paksoy has advised investors IFC and the Asian Infrastructure Investment Bank on Akbank’s USD 150 million issuance of sustainable tier-2 notes and the DFC on Akbank's USD 150 million issuance of gender tier-2 bonds. Allen & Overy reportedly advised Akbank.

The Regulation on the Amendment ("Amendment Regulation") to the Regulation on Unlicensed Electricity Generation in the Electricity Market ("Regulation") was published in the Official Gazette dated 29 July 2023 and numbered 32263 and entered into force on the same date.

The Law No. 7456 on the Issuance of Additional Motor Vehicles Tax for the Compensation of Economic Losses Caused by the Earthquakes Occurred on February 6, 2023 and Amendments to Certain Laws and Decree Law No. 375 ("Omnibus Bill") entered into force upon its publication in the Official Gazette dated July 15, 2023 and numbered 32249.

Baker McKenzie Turkish affiliate Esin Attorney Partnership has advised TeamSystem on its acquisition of a 53% stake in the Mikro Group from Dash Software, Izzet Murat Sakarya, Alpaslan Tomus, Kadir Keskin, Xiang Yu, and Andac Turkmen through a bid process. Verdi advised the sellers.

Recent developments in Turkish tax regulations carry substantial implications for both corporations and foreign investors. Turkey has undertaken substantial measures to fortify its fiscal position and tackle economic challenges. Among the notable changes is the elevation of the general corporate income tax rate to 25%. The financial sector faces an even higher rate of 30%. This tax rate adjustment is rationalized by the government as a means to aid the country's recovery efforts following recent earthquakes.

White & Case and Eversheds Sutherland member Tsvetkova Bebov and Partners have advised Energo-Pro on its EUR 300 million issuance of senior unsecured notes due 2035. Spasov & Bratanov and Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership advised initial purchaser Goldman Sachs & Co and guarantor DFC. White & Case Turkish affiliate GKC Partners and Georgia's BLC Law Office reportedly also advised the issuer. Georgia's Business Legal Bureau reportedly advised the initial purchaser as well. Alston & Bird reportedly advised the trustee.

The significant public financing need caused by the earthquakes centered in Kahramanmaraş and Hatay on 6 February 2023 continues to lead to various tax-related regulations. The first of such regulations was a one-time additional tax imposed on certain corporate taxpayers with Law No. 7440 on the Restructuring of Certain Receivables and Amendments to Certain Laws published in the Official Gazette dated 12 March 2023.

Turunc has advised the Arya Women Investment Platform on its investment in Turkish electronics rental company Kiralarsin. Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki reportedly advised Kiralarsin.

Clifford Chance and its Turkish affiliate Ciftci Attorney Partnership have advised JP Morgan Chase, BNP Paribas, and ING European Financial Services on their EUR 781 million UKEF-covered financing for the Republic of Turkiye's Mersin-Adana-Osmaniye-Gaziantep high-speed rail project.

Our Latest Issue