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9. Changes should be made that allow SMEs that make use of
leasing to finance investments to benefit from Small and
Medium Enterprises Development Organization supports.
10. Changes should be made in
Law no: 6361
to allow
factoring and financing companies to also take advantage
of the facilitated-prosecution provisions of the
Bankruptcy
and Enforcement Act
.
11. Line 20 of “Section IV: Documents Pertaining to Commercial
and Civil Affairs” of Schedule 2 in the
Stamp Duty
Act
should be amended so as to allow transfers and
assignments of leasing agreements to qualify for the tax
exemption.
12.
Article 123 of the Government Fees Act (Law no: 492)
should be amended so as to include factoring companies
within the scope of the exclusion.
13. Changes should be made in article 7.c.6 of
“Law no: 6306
Concerning the Conversion of Areas That Are Exposed
to Disaster Risk”
so that leasing and financing companies
are also included among the financial institutions that are
allowed to sell home-finance products.
14. Article 17/b of “Resolution 32 Concerning the Protection
of the Value of the Turkish Currency” should be amended
so that financing companies can also extend loans
denominated in foreign currencies.
Suggestions for reducing intermediation costs:
1. The Resource Utilization Support Fund (RUSF) surcharge
and the Banking & Insurance Transaction Tax (BITT) rates on
consumer loans should be lowered.
2. The RUSF surcharge on loans that leasing and factoring
companies receive from abroad should be set at 0%.
3. The scope of financial leasing transactions that qualify for
the 1% rate should be expanded.
4. BITT should be charged on a lower rate in loans that non-
bank financial institutions receive from banks.
5. The income tax withholding rate applicable to international
borrowings that are backed by bond should be lowered.
Suggestions for increasing access to finance:
1. Interest charged on mortgage loans should be deductible
from the income tax assessment base.
2. In the case of investments which are financed through
leasing and are covered by investment incentives
certificates, any taxes which must be recovered and any
penalties which are levied if the terms of a certificate are
not fulfilled should be collected from the lessee who holds
the certificate.
3. At the conclusion of a leasing agreement, leasing
companies should be allowed to convey any and all manner
of responsibilities that they may incur under “Law no:
4703 Concerning the Preparation and Implementation of
Technical Documentation for Products” as the importers
of machinery and equipment that is procured from abroad
under the agreement to the lessee who becomes the owner
of the goods.
4. Financing companies’ disbursements of loans totaling less
than TL 7,500 to customers should qualify as a “simplified
transaction” as defined in “Communique 5 Concerning
the Investigation of Financial Crimes” and not require
confirmation of identity.
5. Changes should be made in articles 9/2 and 9/3 of Law no:
6361 concerning suits for declaratory relief.
INFORMATIONAL ACTIVITIES
SME Strategy & Action Plan
The Ministry of Development’s SME Strategy & Action Plan was
prepared with the aims of raising, in a business environment
that is mindful of the needs of small firms, SMEs’ competitive
strength to international levels and increasing the contributions
that such businesses make to the national economy. Within this
framework and in keeping with AFI’s duties which are given by
the article 5.2.6 of the SME Strategy & Action Plan, a variety of
activities are organized in the strategically crucial area of giving
SMEs easier access to financing by publicizing and promoting
factoring services in cities around the country.
Led by AFI and supported by the Ministry of Science, Industry
and Technology, the Banking Regulation and Supervision
Agency, the Turkish Exporters Assembly, and Turk Eximbank,
panel discussions were held in Turkey’s manufacturing cities
The Association of Financial Institutions
Annual Report 2016
51