In Brief
The Istanbul Finance Center (“IFC”) Law proposal, which was submitted to the Presidency of the Grand National Assembly on 1 June 2022, was accepted on 26/06/2022 and enacted as Law No. 7412 and published in the Official Gazette dated 28/06/2022 and numbered 31880.
In our bulletin dated 02/06/2022 and numbered 2022/06, details of articles 5, 6 and 7, and temporary article 1 and 2, which refer to the tax advantages of the bill, were included. You can reach our related bulletin from the link .
The only difference between the text enacted regarding these parts of the law and the Draft text is that the provision of "immovables belonging to the Capital Markets Board and the Banking Regulation and Supervision Agency" in the temporary article 2 of the draft has been changed as "the transitional provision regarding the management of the Istanbul Financial Center Region".
Scope
| Draft | Law | |
| Temporary Article 2 | (1) The immovable whose ownership is specified in the attached list (2) of the Capital Markets Board and the immovable whose ownership is specified in the attached list (3) of the Banking Regulation and Supervision Agency are registered in the name of the managing company, free of charge. The immovables registered in the name of the managing company are also abandoned free of charge and without seeking the approval of the right holders, and the ownership is recorded in the declarations section in the name of the managing company. Transfers and transactions to be made within the scope of this paragraph are exempt from inheritance and gift tax, fees, revolving fund fees and the papers tobe issued are exempt from stamp tax. | (1) At Istanbul Finance Center (IFC), except for the operation and management of all infrastructure and superstructure, the leasing of free sections and areas, and the areas allocated to the relevant institutions which belong to the public administration, in line with the functions determined in the zoning plan, all sorts of management activities, namely roads, squares, green areas, parks and similar places reserved for public services will be carried out by the managing company for a period of twenty years. (2) Within the scope of the Property Ownership Law (no.634) dated 23/6/1965, the power and authority of the board of property owners, the board of block representatives and the collective building representatives board will be used by the managing company for the immovables in IFC for twenty years. |
This law regulates the Istanbul Financial Center area, the provisions on the management and operation of the Istanbul Financial Center, the activities carried out in the Istanbul Financial Center and the incentives, discounts, exceptions, and exemptions for these activities.
The law entered into force on the date of its publication.
