The purpose of the Presidential Decree Concerning Measures Taken in the Judiciary Within the Scope of the State of Emergency numbered 120 (the “Presidential Decree”) is to take certain actions in the judiciary within the scope of the state of emergency declared by the Presidential Decree numbered 6785 dated February 8, 2023 in the cities of Kahramanmaraş, Adana, Adıyaman, Diyarbakır, Gaziantep, Hatay, Kilis, Malatya, Osmaniye ve Şanlıurfa (the “Presidential Decree numbered 6785”).

The objective of the independent audit is to audit and evaluate the annual reports and financial statements of the board of directors of companies subject to independent audit by the auditor in accordance with the Turkish Auditing Standards in order to provide assurance to the users. These companies, which are required to be audited, are determined by the President in accordance with Article 397/4 of the Turkish Commercial Code No. 6102.

The Communiqué Amending the Communiqué on the Procedures and Principles Regarding the Implementation of Article 376 of the Turkish Commercial Code numbered 6102 (the “Amendment Communiqué”), has been published in the Official Gazette numbered 31346, on 26 December 2020. With this Amending Communiqué, several options were granted to the corporations, which are in over-indebtedness.

The Regulation on Implementation of the International Labor Force Law (the ”Regulation”) has been published in the Official Gazette numbered 31738 on February 2, 2022. The Regulation regulates the work permit exemption of foreign shareholders and directors.

The Regulation on Implementation of the International Labor Force Law (the ”Regulation”) has been published in the Official Gazette numbered 31738 on February 2, 2022. The Regulation regulates the work permit exemption of foreign shareholders and directors.

The General Communiqué on Tax Procedure Law No. 538 (the “Communiqué”) issued by the Revenue Administration (the “Administration”) has been published in the Official Gazette No. 31852 on 31.05.2022. According to the Communiqué, it became mandatory to notify the Administration when movable or immovable properties, goods and services are sold or rented via internet.

Communiqué Regarding the Amendment (the “Amendment Communique”) on Communiqué Regarding the Decree No. 32 on the Protection of the Value of Turkish Currency (the “Communique”) has been published in the Official Gazette numbered 31814 on April 19, 2022.

Pursuant to Presidential Decision numbered 5359 which was published in Official Gazette dated 29 March 2022 and numbered 31749, “Decision on Amendment of the Decision Regarding the Determination of the Value Added Tax Rates to be Applied to Goods and Services” (the “Amendment Decision”) will enter into force as of April, 1 2022.