Numara : 3
Tarih : 18.4.2014

TAX NEWS NO: 2014/3


April 18, 2014

The Companies which will be subject to independent audit pursuant to the Turkish Commercial Code (No.6102) have been re-determined.

As you may remember, the companies which would be subject to independent audit pursuant to the Turkish Commercial Code (No.6102) had been determined with the Council of Ministers Decision no. 2012/4213 which was published in the Official Gazette dated 23 January 2013. Explanations on the regulation in question were provided for your attention in our tax news dated 1 February 2013 and no. 2013/3.

With the Council of Ministers Decision no. 2014/5973 published in the Official Gazette dated 14 April 2014, the companies which will be subject to independent audit as per the Turkish Commercial Code (No.6102) have been re-determined and the scope of independent audit has been extended.

The new regulation can be summarized as follows.

Except the companies in the attached list no. (I) and (II) of the decision (2012/4213), companies meeting at least two of the following criterion shall be subject to independent audit;

a) Total asset size of TL 75 million or more.

b) Annual net sales revenue of TL 150 million or more.

c) Minimum of 250 employees or more.

To determine whether or not the abovementioned conditions have been satisfied;

· Financial statements of 2012 and 2013 years,

· Average number of employees for 2012 and 2013

will be considered.

The Council of Ministers Decision in question has been put into effect on its publication date to be effective as of 1 January 2014.

Yours sincerely,

Deloitte Turkey

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

These materials and the information contained herein are provided by Deloitte Turkey and are-intended to provide general information on a particular subject or subjects and are not on exhaustive treatment of such subject(s).

Accordingly, the information in these materials is not intended to constitute accounting, tax, investment, consulting, or other professional advice or services. The information is not intended to be relied upon as the sole basis for any decision which may affect your personal finances or business, you consult a qualified professional adviser.

These materials and the information contained therein are provided as is, and Deloitte Turkey makes no express or implied representations or warranties regarding these materials or the information contained therein. Without limiting the foregoing, Deloitte Turkey does not warrant that the materials or information contained therein will be error-free or will meet any particular criteria of performance or quality.

Deloitte Turkey expressly disclaims all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security and accuracy.

Your use of these materials and information contained therein is at your own risk, and you assume full responsibility and risk off loss resulting from the use thereof. Deloitte Turkey will not be liable for any special, indirect, incidental, consequential, or punitive damages or any other damages whatsoever, whether in an action of contract, statue, tort (including, without limitation, negligence), or otherwise, relating to the use of these materials or the information contained therein.

© 2014 Deloitte Global Services Limited