12/14/2010

New Turkish Commercial Code aims to boost investment

Hurriyet Daily News - The Turkish parliament will vote on a new commercial code on January 11 to replace the current half-century-old version. The new code would incorporate internationally accepted accounting standards into domestic legislation, says Unal Tekinalp, the author of the 1,535-article code. The new code aims to increase the transparency of enterprises and to bring Turkish legislation in line with corresponding EU legislation. The new code is expected to improve Turkey’s business environment, and allow the country to rank higher in the next World Bank’s “Doing Business” report.
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Turkey; Turkish commercial code; business legislation; corporate governance; Turkish legislation