Nearly 25 million international visitors visited Turkey in the first seven months of 2019. There is 14.1% increase compared to previous year’s same period. Mainly visitors diverted to a Mediterranean resort city, Antalya, heading more than 7.85 million visitors
Based on IMF figures, The Japanese economy is the third-largest economy in the World in terms of nominal GDP around USD 5 trillion. Manufacture of high technology products and tourism are leading industries in Japan.
This article reflects information regarding the trends of Investments in Turkey during the first half of the year 2019. The facts and figures included are based on the survey report of the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
Foreign capitalized companies, branches and liaison offices are obliged to notify related government authorities for their annual activities and/or in case there is a change in capital and shareholder structure of the legal entity according to Turkish Foreign Direct Investment Laws and Governing Regulations.
Employees engaged in seasonal or other occupations which, owing to their nature, last <1 year do not qualify for annual paid leave.
Turkish Labor Code, Act No. 4857, enacted in 2003, regulates the working conditions and work-related rights and obligations of employers and employees working under an employment contract. The Code forbids discrimination, including any that is based on language, race, sex, political opinion, philosophical belief or religion.
The Turkish direct taxation system consists of two main taxes on income and earnings. The first one is income tax which individuals are subjected. The second one is corporate tax which corporations are subjected.
The typical working week is ≤45 hours, divided equally across the days of the week unless otherwise agreed (6 days * 7,5 hours). Any working hours that exceed this limit count as overtime, which must be justified by national interest, the nature of the operation or the need to increase output.
Doing a business in abroad always been hard for business owners. However, just because something is difficult, it does not mean you should not go after opportunities. If you are planning to do a business in Turkey we strongly suggest to follow these steps.
Minimum wage amount is announced by The Minimum Wage Commission which is effective as of 1st of January 2019. Following this development, gross minimum wage has been set as 2.558,40 TRY and net minimum wage has been set as 2.020,90 TRY.
