Business Law

Yanıt Açıklaması: According to Law No 4749, in the name of the Republic of Turkey, the Minister of Treasury and Finance is authorized to obtain Domestic and Foreign State Debt, to provide Treasury Reimbursement Guarantee, Treasury Counter – Guarantee and to make amendments in conditions of such guarantees, to receive grants, to make available the foreign financing facility used through Transfer of Foreign Debt, Onlending of Foreign Debt and Allocation of Foreign Debt and to create new financial liabilities, to manage these debts and liabilities and to manage the Treasury Claims stemming from these

Yanıt Açıklaması: The age requirement for being entitled to old-age pensions for women is 58; whereas the age requirement for men is 60. However, there is a gradual increase in the age requirement starting from 2036. By 2048, the age requirement to be entitled to old-age pensions will be 65 for both women and men.

Yanıt Açıklaması: The scope of the Turkish Labour Act is regulated in article 4 in a negative manner, where the article provides the types of work to which the Labour Act is not applicable. In this respect, the Turkish Labour Act is not applicable to the employment relationships concerning the following activities or persons: • Maritime and air transport activities. • Establishments or enterprises of less than 50 (inclusive) employees where agricultural and forestry work is carried out. • Any construction work related to agriculture that fall within the ambit of family economy. • Handcraft activities that are performed within the household and by the members of a family and their relatives up to third degree (inclusive) kinship. • Domestic work • Apprentices • Sportsmen • Persons under rehabilitation • Establishments of three employees which fall within the definition of article 2 of the Act No. 507 on Tradesmen and Craftsmen. Therefore, the correct option is B.

Yanıt Açıklaması: Real persons who are the recipients of income are liable for income tax. Nationality does not, in principle, make any difference for income tax liability. Hence foreigners, as well as Turkish nationals, shall be subjected to income tax when they receive income.

Yanıt Açıklaması: As a result of the existing multipartite structure, the Turkish judicial system has 2 different types of jurisdictional fields, and thus, supreme courts are; The Court of Cassation and The Council of State.  The Council of State acts as the final decision maker in the civilian administrative judiciary.

Yanıt Açıklaması: The short-term social insurance schemes consist of insurance for occupational hazards and diseases, sickness insurance and maternity insurance.

Yanıt Açıklaması: The foreign element is defined in Article 2 in a very broad manner. Accordingly, the existence of any of the following circumstances demonstrates that the dispute has a foreign element and, under such circumstances, arbitration is considered as international: 1. where the parties to the arbitration agreement have their domiciles or habitual residences or places of business in different States ; 2. where one of the following is situated outside the State in which the parties have their domiciles or habitual residences or places of business; a. the place of arbitration, which is determined in, or pursuant to, the arbitration agreement; or b. a place where a substantial part of the obligations arising from the underlying contract is performed or a place where the dispute has the closest connection; 3. where a shareholder of the company which is a party to the underlying contract that constitutes the basis for the arbitration agreement has brought foreign capital into Turkey in accordance with the laws concerning the encouragement of foreign capital or where a loan and/or guarantee agreement needs to be signed for the execution of the underlying contract; 4. where, in accordance with the underlying contract or with the underlying legal relationship, the movement of capital or of goods shall be made from one country to another. Therefore, the correct option is E.

Yanıt Açıklaması: The constitutional principle of legality of taxation requires that any tax with all of its essential elements must have a firm basis in law. That clearly means no tax can be levied except under authority of a law. As fundamental rights and personal freedom cannot be restricted except by law and as any act of the administration, including any administrative act of tax assessment and collection requires a firm basis in law. Also the essential elements of a tax must be provided in an enabling law. Such elements like taxpayer, taxable event, object of taxation, tax base, tax rates, and tax exemptions, which must be explicitly included in a tax law, are called as the basic concepts of taxation.

Yanıt Açıklaması: The Constitutional Court elects a president and two deputy presidents from its members for a term of four years by secret ballot and by absolute majority of the total number of its members. The members of the Constitutional Court do not assume any official and private functions, apart from their main functions.

Yanıt Açıklaması: The privacy of arbitral proceedings and the confidentiality that surrounds the process are a powerful attraction to companies and institutions that may become involved in legal proceedings. There may be trade secrets or competitive practices to protect, or there may be a reluctance to have details of a commercial dispute being the subject of adverse publicity. Therefore, the correct option is C.

Yanıt Açıklaması: Labour law deals with the legal relationship between employees and employers. Not all groups of workers constitute the subjects of labour law. The subjects of labour law are only the groups of workers who work subordinately under an employment contract, namely employees.

Yanıt Açıklaması: The parties are free to determine the number of arbitrators. However, the number shall be odd. If the number of arbitrators is not determined by the parties, three arbitrators shall be appointed (Article 7A).

Yanıt Açıklaması: International Labour Organisation (ILO) is a special agency of the United Nations with the objective of realizing social justice and improving working conditions of the workers around the world. Therefore, the correct option is B.

Yanıt Açıklaması: UNCITRAL is the abbreviation for United Nations Commission on International Trade Law. In the early 1970s there was an increasing need for a neutral set of arbitration rules suitable for use in ad hoc arbitrations. The UNCITRAL Rules for ad hoc arbitration were prepared with the intention to be acceptable in developed and developing countries, and in common law and civil law jurisdictions. The UNCITRAL Rules have achieved international recognition and are widely used. The UNCITRAL Rules deal with every aspect of arbitration from the formation of the arbitral tribunal to rendering an arbitral award. There is also a which is not a binding legal material as it is, but there are many countries, which have transplanted the Model Law as their national arbitration laws; and there are many countries that have been influenced by its provisions.

Yanıt Açıklaması: Internal audit organisation can assure the head of the spending agency on the soundness of the internal control system.

Yanıt Açıklaması: Judges are split into two categories as ordinary jurisdiction judges and administrative jurisdiction judges while starting the profession in line with the segregation in the judicial system. Ordinary jurisdiction judges are selected from among the graduates of law faculties; and administrative jurisdiction judges are selected from among the graduates of either law schools or faculties of political science and faculties of social sciences, which include law courses in their programs at a sufficient level.The recruitment, trainings, personal rights and other issues for judges and prosecutors are arranged completely in parallel with each other. Although it is not very common, the transition between two professions is also possible. As it is emphasized above, those involved in both professions are defined as “judge class.”

Yanıt Açıklaması: There are certain principles applicable to the joint stock corporations. These principles can be summarised as follows: a. Principle on Majority Management b. Principle on Limited Liability of the Shareholders c. The Principle on the Protection of Capital d. The Principle of State Supervision e. The Principle on Informing the Public f. The Principle on Equal Treatment

Yanıt Açıklaması: The arbitration agreement has three effects: First, the arbitration agreement establishes an obligation to arbitrate between the parties. Second, an arbitration agreement vests the arbitrators with the necessary power to resolve those disputes that the parties agreed to entrust to the arbitral tribunal. Third, a valid arbitration agreement excludes the jurisdiction of national courts.

Yanıt Açıklaması: An important unit of the Court of Cassation is the Chief Public Prosecutor’s Office. The Chief Public Prosecutor and the Deputy Chief Public Prosecutor at the Court of Cassation are appointed by the President of the Republic for a term of four years from among five candidates nominated for each office by the Plenary Assembly of the Court of Cassation from among its own members by secret ballot. They may be re-elected at the end of their term of office.

Yanıt Açıklaması: As a result of the development of established arbitration practice in the 1970s, it became clear that some uniformity was needed to reflect the commonly accepted standards for international arbitration. The benchmark event in this respect was the introduction of the UNCITRAL Model Law in 1985 to form a model and a source of inspiration for different countries in their adaptation of their national arbitration laws to the commonly accepted standards.