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COVID-19 | TURKEY
APRIL 2020
 

NEW LEGISLATION MITIGATING THE IMPACT OF COVID-19 ON ECONOMIC AND SOCIAL LIFE IN TURKEY

The Law No. 7244 (the “Omnibus Bill") containing new regulations aiming at reducing the impact of the Covid-19 pandemic has entered into force and was published in the Official Gazette on 17 April 2020.

LIMITATION to the DISTRIBUTION of DIVIDENDs for capıtal COMPANIES

To protect the financial structure of capital companies during this period, a limitation on the dividend distribution to be performed by said companies in the course of 2020 has been brought into the Turkish Commercial Code No. 6102. Accordingly, the recommendation letter submitted by the Ministry of Commerce to the Union of Chambers and Commodity Exchanges of Turkey regarding dividend distribution on 31 March 2020 is now legally binding with the insertion of a new temporary provision into the Turkish Commercial Code.

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    ILKE OZENC 

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