According to the proposal signed by AK Party Denizli Deputy Nilgün Ök and AK Party MPs, the scope of insurance of deposits and participation funds will be expanded.
The SDIF will insure not only the deposit and participation fund amounts that belong to real persons and are not subject to commercial transactions, but also all commercial deposits and participation funds, excluding those belonging to official institutions, credit institutions and financial institutions. Thus, compliance with EU deposit insurance criteria will be achieved.
In the liquidation of the credit institution for which a bankruptcy decision has not been made or which has entered into voluntary liquidation, the order of ordinary and pledged receivables regulated in the Execution and Bankruptcy Law will be valid.
As the SDIF resources consist of settlement reserve and deposit insurance reserve, an arrangement will be made to make the payment from deposit insurance reserve.
A change will be made to determine the rules regarding the establishment, operation and supervision of the said technical infrastructure in banks by the SDIF Fund Board. This regulation will enter into force 3 months after its publication.
With the offer, deposits and participation funds that are not covered by insurance are also determined. In this context, deposit and participation funds and other accounts belonging to the controlling shareholders or qualified shareholders of the relevant credit institution, the legal entities under their control, the mother, father, spouse and children of the real person controlling shareholders under custody ; Chairman and members of the board of directors or directors of the relevant credit institution, general manager and assistant general managers, legal entities and partnerships controlled by them individually or jointly, deposit and participation funds and other accounts belonging to their mother, father, spouse and children under custody; Other deposits, participation funds and accounts determined by the Fund Board, in consultation with the Banking Regulation and Supervision Agency (BDDK), will not be subject to insurance.
The number of SDIF Fund Board vice presidents will be increased from 2 to 3.
The distribution of duties in the administrative structure of the SDIF will be changed through new offices to be established in order to carry out the increasing workload effectively and to speed up the processes, the number of directorates will be increased as needed, and changes will be made towards the employment of support personnel.
By making an arrangement for SDIF Fund Board members and Fund personnel to demand the payments made by the Fund from the relevant persons due to the decisions, actions and transactions regarding their duties written in the Banking Law, these payments made by the BRSA are requested from the persons found defective. The right to do so will be reserved.
In addition to the duties assigned to the SDIF by the Banking Law, an additional regulation is envisaged in order to meet the expenses incurred during the performance of the duties assigned by the Presidency regarding the follow-up of other relevant laws and international lawsuits filed against the state, from the Fund budget, if necessary, provided that they are collected from the relevant parties later on. .
With the proposal, it is aimed to make the criteria for past debt more clear and understandable in commercial and economic integrity sales made by the SDIF, taking into account the current regulations and judicial jurisprudence.
Financial leasing contracts will be included in the scope of commercial and economic integrity and the amount corresponding to the tender price will be paid before the order list becomes final.
Objection period to the ranking list will be 15 days from the publication of the ranking list in the Official Gazette.
Companies that convert their foreign currencies in their balance sheets into Turkish lira at the conversion rate until the end of 2022 and use them in Turkish lira deposit and participation accounts with a maturity of at least 3 months will be exempt from corporate tax on the interest and profit shares and other earnings obtained at the end of maturity. .
The Bill of Law on Making Amendments to the Banking Law and Some Laws and the Decree Law No. 655 was accepted in the Planning and Budget Committee of the Grand National Assembly of Turkey.
According to the proposal, in case liquidation balance remains after the fulfillment of all legal obligations in banks, liquidation of which is carried out by the SDIF, the distribution of this amount to the shareholders is determined by the controlling shareholders and managers, members of the board of directors and supervisors, general managers and assistants, management and The subsidiaries that it controls, the legal entities that are the controlling shareholders, the companies in which their real and legal person controlling shareholders are the controlling shareholder, the blood and in-law relatives of these real persons and the third parties who acquire the shares of these persons by endorsement, transfer or assignment, and the direct or indirect transfer of the capital of the partnership. Even if they have shares below 10 percent, those who hold shares that give the privilege of designating and controlling members to the board of directors and causing the bankruptcy of this bank will not be able to receive a share from the distribution.
Those who are decided to be punished because of their membership or affiliation with or affiliation with structures, formations or groups that are determined to pose a threat to national security, or for whom a confiscation decision has been made, will also not receive a share from this distribution, and their share will go to the Treasury. payable.
Liquidation share for those whose investigation or prosecution continues; Until the finalization of the decision regarding the absence of prosecution, acquittal, absence of punishment, rejection or dismissal of the case, it will not be paid and will be kept in the Fund accounts.
Exemptions provided to companies and sub-funds to be established by TVF
With the regulation made in the Corporate Tax Law, foreign currencies in the balance sheets of institutions dated March 31, 2022 will be transferred to Turkish banks until the end of 2022. Within the scope of supporting the conversion to Turkish lira deposit and participation accounts, in case the Turkish lira assets are converted into Turkish lira at the conversion rate and the Turkish lira asset thus obtained is invested in Turkish lira deposit and participation accounts with a maturity of at least 3 months, including the ones arising from the period-end valuation of the said accounts, the amount obtained at maturity. interest, dividends and other earnings will be exempt from corporate tax. The President will be authorized to enforce the exemption for foreign currencies included in the balance sheets dated 30 June 2022 or 30 September 2022.
It is ensured that the Turkish Wealth Fund (TVF) or the subsidiaries established by the Fund and the companies it bought by paying the cost of the funds are kept free from the legislation and restrictions applied to public-owned companies, so that the companies are not devalued and the companies can continue with the private sector in a fair manner.
Accordingly; Sub-companies established by TVF or companies purchased by paying the price of funds will not be subject to the legislation and restrictions applied to state-owned companies.
The exemptions and exceptions provided for the companies and sub-funds to be established by the TVF with the proposal will also be applied to the companies and their funds established before the effective date of this article.
Due to the exemptions and exceptions provided to this company and funds, no retroactive payments or refunds will be made by public administrations.
Companies to which SDIF is appointed as trustee
With the proposal of the law, companies to which the Savings Deposit Insurance Fund (SDIF) has been appointed as trustee will be able to sell the company assets or asset values partially or completely or it may decide to liquidate it by termination.
In companies where the powers of trustees have been transferred to the SDIF or the SDIF has been appointed as a trustee, a decision to establish a new company can be made upon the recommendation of the company’s management body and the decision of the Fund Board, provided that the shareholders of the company hold shares in the companies to be established in proportion to their shareholding in the company. In this case, the permission and consent of the shareholders of the company will not be sought for the establishment of a new company.
The capital of the company to be established will be covered in cash or in kind by the company whose powers of trustees have been transferred to the SDIF or the SDIF has been appointed as a trustee. Matters regarding the establishment of a new company will be prepared by the management bodies of the companies and submitted to the Fund Board for approval. The foundation will be established with the decision of the Fund Board and all matters subject to registration will be registered and announced ex officio in the relevant trade registry, exempt from all kinds of taxes, duties and fees. The establishment procedures to be carried out in accordance with the regulation will be implemented without being subject to the relevant legislation. In the newly established company, the authority of trusteeship will be deemed to have been transferred to the Fund without the need for a court or judge’s decision.
The powers of the general assemblies of the companies for which the SDIF acts as a trustee can be exercised by the SDIF without being subject to the provisions of the Turkish Commercial Code. In this context, if a company is decided to be split, the Fund will assign a trustee to this company established through the split.
In companies where the Fund is appointed as a trustee with the authority of the management body or the authority of the management body, together with the partnership shares or securities management, regardless of the articles of association, it is necessary to certify the balance sheet and profit / loss accounts of the period before the appointment of a trustee. Provided that this does not mean acquitting the boards of directors/managers who have done so, within the framework of the relevant article of the law, it may be decided to distribute profits partially or completely, starting from the period following the activity period in which trustees are assigned to companies. The profit decided to be distributed; Shareholders who have not been sentenced due to their membership or affiliation with or affiliation with structures, formations or groups determined to pose a threat to national security, or terrorist organizations, will be paid in proportion to their shares. Profit share corresponding to the shares of those whose investigation or prosecution continues; Until the finalization of the decision regarding the absence of prosecution, acquittal, absence of punishment, rejection or dismissal of the case, it will not be paid and will be kept in the Fund accounts. The condition of not being investigated, prosecuted or confiscated shall not be required for the shares traded on the Exchange. The profit distribution decision will not mean the approval of the financial data and tables of the related activity period. Issues regarding distribution will be determined by the Fund Board.
With the proposal of the law, “company partnership shares” are added to the existing regulation regarding the deduction of the remaining amount from the sales of the companies for which the Fund has been appointed as the trustee, after deducting the preparation for the sale and other expenses, in an account until the conclusion of the proceedings.
In the sale of partnership shares, the expenses related to the sale, litigation or attorneyship costs will not be deducted from the share of shareholders who are not affiliated with or affiliated with structures, formations or groups that are determined to pose a threat to national security, or terrorist organizations.
In the event that it is decided to sell the company assets through commercial and economic integrity, the Fund Board will determine its past debts, if these debts are based on real goods or services relations with people who do not belong, have any connection or connection with the FETÖ/PDY terrorist organization and that the Banking Law ” Provided that the Fund meets the conditions specified in the article titled “Other authorizations regarding the collection of receivables,” it will be authorized to pay from the tender price or to make the tenderer pay.
Liquidation balance will be recorded as revenue to the Treasury
If a company is confiscated due to crimes against state security and financing of terrorism, confiscation decision; this company, partnership shares and assets values will be sold or liquidated by the SDIF or the company management, the board of directors, the asset values by the trustee representative with the approval of the Ministry of Treasury and Finance.
While the creditors have the opportunity to collect their receivables in sales made before the confiscation decision, it is also possible for the creditors to collect their receivables within the scope of the order table in the sales made after the confiscation decision.
The sale or commercial and economic integrity sales of the company, partnership shares or asset values for which the confiscation decision has been made, will be made within the framework of the transfer and liquidation provision of the trusteeship authority specified in the Law and the SDIF’s powers regarding sale and liquidation. The liquidation will be completed by the liquidation commissions. The liquidation balance will be recorded as revenue to the Treasury.
If it is decided to confiscate the partnership shares of the company below 50 percent, these confiscated shares will be put up for sale by the SDIF. In the event that the sale is not realized despite being put up for sale at least twice, the partnership shares can be transferred to the relevant company against the price and the cost of the shares will be paid by the company to the Treasury. If a capital increase is decided after the confiscation decision, this increase will be subject to the approval of the Ministry of Treasury and Finance.
Amounts spent from the central government budget for metro projects, the construction of which has been completed and transferred to metropolitan municipalities by the Ministry of Transport and Infrastructure, is the maximum amount of the shares to be allocated over the general budget tax revenues of the municipalities. 5% will be charged.
In case the project is not a continuation of the existing urban rail system lines and can be operated independently or if the project serves combined transportation; Except for those that were put into service before the effective date of the law, the President of the Republic may decide that the operation of the rail system is carried out by the ministry or its affiliated, related, related institutions, subsidiaries or subsidiaries of these institutions, without being subject to the transfer of ownership. In this case, no deduction will be made from the shares to be allocated from the general budget tax revenues of the relevant municipality.
On the other hand, an additional article was introduced to the Law on the Regulation of Taxes, Funds and Shares Received from Games of Chance Proceeds.
Accordingly, the public share arising in relation to the licenses transferred to the Turkey Wealth Fund for a period of 49 years with the Law on Horse Racing and the Decree on the National Lottery shall be paid by the Turkey Wealth Fund or the Turkey Wealth Fund from the effective date of the article until the end of the mentioned period. Revenue will be recorded by the company to be established.