The Turkish Grand National Assembly (TBMM) continues its legislative work. Deputies will work overtime for the new sports law proposal and the "bag" law proposal regarding the economy in the General Assembly of the Parliament. In addition, weekly group meetings organized by political parties will be held in the parliament. President and AK Party Chairman Recep Tayyip Erdogan will address the party members at the AK Party Parliamentary Group Meeting on Wednesday, April 20.
A BALANCED BUDGET FOR SPORTS CLUBS
According to the proposal, sports clubs will be removed from the status of association and become a sports joint stock company. Sports federations will be established by law or by presidential decree. Sports clubs will be able to unite and establish a parent organization in the form of federations and confederations. Various limitations regarding the assignments to be made by sports clubs and sports joint stock companies and a qualified general assembly resolution requirement will be introduced to prevent long-term and unhealthy borrowing. With the regulation, a "balanced budget" system will be introduced for sports clubs and sports joint stock companies. Sports clubs and sports joint stock companies can borrow up to 10 percent of their gross income in the previous year. Sports clubs and sports joint stock companies will be able to assign a maximum of 25 percent of their gross income in the previous accounting period without the need for a general assembly decision.
GENERAL ASSEMBLY TO MEET ON APRIL 23, FOR A SPECIAL AGENDA
The 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, will be collected at a maximum of 5 percent of the municipalities' general budget tax revenues.
The Assembly will convene with a special agenda on Saturday, April 23 to celebrate the 102nd anniversary of its opening, the National Sovereignty and Children's Day, and to emphasize the meaning and importance of the day. Speeches will be made on behalf of the parties that have groups and are represented in the parliament.
“BAG” LAW OFFER REGARDING ECONOMY TO BE CONSIDERED
After the new sports law proposal is enacted, the Banking Law, which includes regulations on the economy, and the Law on Making Amendments in Some Laws and the Decree with the Force of Law No. 655 will come to the agenda of the Parliament.
According to the proposal, companies that convert their foreign currencies in their balance sheets into Turkish Lira at the conversion rate until the end of this year and use them in Turkish Lira deposit and participation accounts with a maturity of at least 3 months, will not be subject to Corporate Tax from the interest and profit shares and other earnings obtained at the end of maturity. All commercial deposits and participation funds, except those belonging to official institutions, credit institutions and financial institutions, will be insured by the Savings Deposit Insurance Fund.