Contributed by Nazali Tax & Legal.
Definition of Capital Commitments and its Effects on Taxation in the Event of Failure to Pay the Capital on Due Date
Commercial companies need capital to execute its business activities. Thus, paying the capital is regarded as the fundamental obligation of partners. In accordance with this, partners who do not pay their capital share on due date will be held liable accordingly to the private law in the context of TCC.
In addition to this, it is seen that this breach is sometimes interpreted as distribution of disguised profit through transfer pricing in the context of Corporate Tax Code (“CTC”).
(Re)constructing Restructuring and Insolvency in CEE
There is a growing concern, across CEE, about a potential wave of insolvency and restructuring proceedings. Given the economic aftermath of COVID-19, coupled with the ramifications of rising inflation and interest rates, energy crisis concerns, and the war in Ukraine – the road ahead seems bumpy at best.
Know Your Lawyer: Nazif Karatas of Nazali Attorney Partnership
An in-depth look at Nazif Karatas of Nazali Attorney Partnership covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.
BASEAK, Nazali, Kolcuoglu Demirkan Kocakli, and Gokce Advise on Figopara's USD 11 Million Investment Round
Dentons Turkish affiliate Balcioglu Selcuk Ardiyok Keki Attorney Partnership has advised Sabanici Ventures and Turkiye Development Fund’s TKYB Sermaye Fonu on their investment in Figopara. Nazali advised L2G Ventures on leading the USD 11 million round. The Gokce Attorney Partnership advised Figopara. Kolcuoglu Demirkan Kocakli advised Logo Yazilim on its investment. Reportedly, BTS & Partners advised Eczacibasi on participating in the round.
Round Six: The European Union Ban on Russian Energy Imports
The sixth package of European Union sanctions imposed on Russia is a widely discussed topic, yet the overall levels of preparedness to adopt the associated energy import ban varies from one country to another. Indeed, with Russian oil and gas exports being such a dominant source of energy for a number of European countries, it remains to be seen how all of them adapt to the change. To gain insight into how certain EU member states and non-EU countries are (likely) to fare in the immediate wake of the ban, we reached out to legal professionals from Turkey, Poland, Bulgaria, the Czech Republic, and Moldova.
Turkey: Liberalization of the Electricity Market and the Role of Antitrust Interventions
The Turkish electricity market has been under a liberalization process since 2001. Specific steps had been taken during the 1980s, 1990s, and 2000s but the main amendment to the legal framework for the creation of a competitive electricity market was the enactment of the Electricity Market Act No. 4628, which was brought into force in 2001. As a result, the integrated structure of the electricity market was to be unbundled, following the privatization of distribution activity in accordance with a specific timetable.
In Search of a New Energy Normal (Part 2) – What’s the Plan?
Energy prices have been a salient issue in CEE for the past year. Part 1 of this article covered just how high the energy prices had climbed in Bulgaria, the Czech Republic, Moldova, Montenegro, Poland, and Turkey, the impact of those prices on people, businesses, and governments, as well as the reasons why some countries fared better than others. Then Russia’s war against Ukraine changed everything, making a new energy pricing normal seem more distant than ever. In Part 2 we look at what energy experts believe could alleviate the situation and whether the war has impacted those plans.
In Search of a New Energy Normal (Part 1)
In the past twelve months, energy prices seem to have taken a life of their own. Their continued and, at times, shocking growth has raised concerns across the region and prompted differing responses and policy changes in each country. To get a more accurate picture of recent developments, we reached out to experts in Bulgaria, the Czech Republic, Moldova, Montenegro, Poland, and Turkey and asked them about the current energy prices, their impact on local economies, the drivers behind their growth, and whether any plans were in place to address the issue.
The Buzz in Turkey: Interview with Nilay Duran of Nazali
A vibrant technological ecosystem, driving massive amounts of M&A transactions in Turkey and continuing the trend of 2021 well into this year, is the most important recent takeaway, according to Nazali M&A Partner Nilay Duran.
Zamfirescu Racoti Vasile & Partners Successful for Markus Ardelean in Tax Evasion Case
Zamfirescu Racoti Vasile & Partners has successfully represented video-chat company Pro Studio owner Markus Ardelean in a tax evasion case.
The Tech Sector in Turkey: A Turkish Round Table
On February 25, four leading lawyers in Turkey sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the Turkish technology sector, its recent developments, and the technology sector-related regulatory landscape.
Crowdfunding in Turkey in Light of Current Regulations
Crowdfunding is a new generation funding and investment system which allows different individuals to invest in a project in exchange for shares or interest. Crowdfunding offers an alternative funding market that creates a win-win situation for entrepreneurs and investors.
Nazali: Expanding Horizons
It is not often that a CEE law firm decides to expand beyond the borders of its home market. Seeking out clients abroad and maintaining a standard of quality service is not only taxing but may also prove harmful – if not planned correctly.
Nazif Karatas and Gozde Saruhan Berk Make Partner at Nazali
Nazif Karatas and Gozde Saruhan Berk have been promoted to Partner at Nazali.
Competition and Competition Litigation Laws and Regulations in Turkey
Contributed by Nazali Tax & Legal.
New Partner Promotions at Nazali Tax & Legal in Turkey and Ukraine
Murat Demir has been promoted to Regional Partner and Dogus Gulpinar to Partner at Nazali Tax & Legal in Turkey and Ukraine, respectively.
An Unusual Year in Review: Our Annual Expert Round Table
On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.