http://www.businessinturkey.com Your Guide to Doing Business in Turkey Thu, 04 Jan 2007 13:09:04 +0000 http://backend.userland.com/rss092 en Most business entertaining will take place in restaurants and bars. You probably will not get the chance to act as host since your Turkish colleagues may insist upon doing [and paying for] all of the entertaining. When your colleagues invite you to a restaurant, you will not be allowed to ... http://www.businessinturkey.com/business-entertainment/etiquette/ Shake hands firmly when greeting or being introduced to a Turkish man. It is not customary to shake hands again upon departure. It is not common to say things like "Hi" or "Good Morning" to people you don't know, while passing them in hallways or streets. They may get the ... http://www.businessinturkey.com/proper-gestures-body-language/etiquette/ 10.1. Individuals/income tax Income earned by individuals in Turkey is subject to income tax. Regulating laws are Income Tax and Tax Procedures Law. Turkish resident individuals are taxed on their worldwide income. The definition of Turkish residents or assumed residents has been laid in the Income Tax ... http://www.businessinturkey.com/non-residents%e2%80%99-foreigners-taxation/tax/ Value Added Tax (KDV) is levied on all goods and services supplied as a business activity. Imports of goods and services are subject to tax at the customs clearing. Goods are considered movable and immovable, property and supplies are almost all business transactions. The KDV is ... http://www.businessinturkey.com/value-added-tax-vat/tax/ For the taxation of foreign individuals double taxation relief is available only when there is an agreement with the country in question. These agreements are set and determine some tax exemptions, deductions and the maximum percentages of withholding taxes. Double taxation agreements have been made so far ... http://www.businessinturkey.com/double-taxation-agreements/tax/ Income tax An individual who stays more than 183 days in a calendar year is treated as resident. Resident individuals resident in Turkey are liable to pay income tax on all their income derived from all sources in Turkey and, in theory, from abroad. A major deduction is available ... http://www.businessinturkey.com/personal-taxation/tax/ 6.1. Corporation tax All legal entities incorporated in Turkey are subject to both corporation tax and various withholding taxes. In principle, a branch of a foreign company is taxed in the same way as a company. Tax is levied on profit attributable to a branch. Corporation tax ... http://www.businessinturkey.com/corporate-taxes-social-security-and-other-business-taxes/tax/ 5.1. Time required for establishment - Limited: app. 15 days - Anonym: app. 15-20 days 5.2. Incorporation fees Cost of formation of such companies varies depending on the capital involved and the number of the shareholders. These costs are mainly: Notary charges 0.4% of the capital, which cannot ... http://www.businessinturkey.com/setting-up-and-running-business-organizations/general/ Company structures, commonly used by foreign investors in Turkey, and business organizations available to foreigners, are: Limited Liability Companies (and anonym companies) There are two main types of legal entities:” Limited Sirket” (limited company) and “Anonim Sirket”(anonymous company). They have the same establishment procedures such as ... http://www.businessinturkey.com/business-organizations-available-to-foreigners/legal/ The government encourages investment with higher incentives for underdeveloped regions. Incentives are available to both Turkish and foreign investors. Current Tax Incentives are: - Customs duty exemption for investment in imported machinery and equipment and associated expenses. - Investment incentive allowance which may be granted from 40% ... http://www.businessinturkey.com/government-tax-incentives/tax/ Located at the Eurasian crossroads between Eastern European, Mediterranean, Black Sea and the Caspian Sea regions, Turkey has had geographical, political and economic ties with Europe for many centuries. With its network of developed infrastructure and a globally competitive work force, Turkey has become a geo-strategic base for international business. A ... http://www.businessinturkey.com/introduction-to-doing-business-in-turkey/general/