Over the course of nearly two decades, Turkey, officially the Republic of Türkiye has achieved remarkable economic growth, ascending from the 18th to the 11th position on the global economic stage between 2003 and 2021 (SOURCE). This impressive trajectory can be attributed to prudent fiscal discipline, which significantly reduced public debt and resulted in a noticeable reduction in budget deficits. The country’s burgeoning economy, reaching a GDP of $906 billion in 2022, was driven by a robust domestic market and an enterprising private sector that catalyzed investments and exports. Turkey not only witnessed a surge in job creation, generating approximately 28.8 million new jobs during this period, but also demonstrated exceptional prowess in exports, recording an annual growth rate of 10.3 percent and increasing export volumes from $36 billion to $254.2 billion. This economic prowess also led to a significant rise in income per capita, which surged from $3,581 in 2002 to $10,655 in 2022, making Turkey the 11th largest economy in terms of GDP per capita among countries with populations exceeding 50 million.
The Turkish labor market has fully recovered from the pandemic, despite a 30% depreciation of the Turkish lira in 2022, despite central bank intervention(SOURCE). However, challenging macro-financial conditions have emerged, with CPI inflation reaching a 24-year high. Regulatory policies are curbing credit growth and aligning lending rates with policy rate reductions. Although the banking sector has enough forex liquidity for short-term liabilities, concerns persist about their accessibility during financial stress. Rising bank exposure to government bonds further increases contagion risks.
In 2023, earthquake-related disruptions will temporarily slow economic growth, but it is expected to remain strong, driven by a 55% minimum wage increase and expansionary fiscal policies ahead of elections in May 2023. Substantial reconstruction efforts in the earthquake-affected areas are anticipated to boost growth in late 2023 and beyond.
Best 5 Tax and Accounting Firms in Turkey
1- Detay Bagımsız Denetim ve Danışmanlık A.S
This Istanbul-based company, established by six Certified Financial Advisors, holds the official authorization to conduct independent audits in various sectors. It is empowered by regulatory bodies such as the Capital Markets Board for Capital Market audits, the Energy Market Regulatory Authority for Energy Market audits, and the Undersecretariat of Treasury for audits in Insurance and Reinsurance Companies. Additionally, as the Turkish representative of IECnet, an International Association of Accountants, Auditors, and Tax Consultants with a global presence in around 40 countries, this company provides an internationally recognized service. These services encompass valid reporting, financial analysis, due diligence, and financial audits, benefiting both foreign capital companies operating in Turkey and domestic enterprises engaged in financial relationships with international banks and financial institutions.
2- Neura
Neura is an accounting, taxation, and auditing firm headquartered in Istanbul, dedicated to delivering customized solutions and services, primarily designed for foreign enterprises seeking to establish their presence in the Turkish market. The firm’s services encompass not only accounting, taxation, and audit assistance but also extend to supporting companies in the process of establishing their operations in Turkey and providing comprehensive payroll services.
3- AS Nexia
AS Nexia Turkey is an audit and consultancy company that provides services to companies in the fields of independent auditing, financial consultancy, certification services, corporate finance, internal audit and structuring, management consultancy, tax disputes, and outsourcing. Headquartered in Istanbul; It provides its services with a total of ten offices located in Ankara, Bursa, Denizli, and Izmir.
4- Birlesik Uzmanlar YMM ve Bagımsız Denetim A.S
It was established in 1992 and offers a broad spectrum of services to both domestic and foreign capital clients spanning various industries. These services encompass tax consultation, independent audit, management advisory, corporate finance, accounting organization, establishment of internal audit systems, incentive programs, compliance with foreign capital legislation, and labor and social security matters.
The company caters to a diverse clientele involved in sectors such as telecommunications, information technology, media, education, energy, construction, mining, maritime, manufacturing, textile, chemistry, agriculture, tourism, food and consumer products, investment, retail, airlines, machinery, electronics, petroleum, finance, gaming, non-profit organizations, and similar domains.
Birleşik Uzmanlar YMM ve Bagımsız Denetim A.S holds membership in PrimeGlobal, an international consortium of independent audit firms. This affiliation underscores the company’s commitment to offering global expertise, and this is also why we have selected this network for our Golden Selectıon.
5- DG Auditing Consulting
DG is a professional firm that specializes in providing consultancy, taxation, and auditing services to its esteemed clientele. Guided by a dynamic approach and a forward-looking, research-oriented perspective, DG empowers its customers to effectively carry out their objectives and propel their vision into the future.
Best 5 Legal Firms In Turkey
1- Erdem & Erdem Law Office
Erdem & Erdem is a globally-oriented law firm committed to delivering solutions to a wide spectrum of clients. The firm offers comprehensive legal services across various domains, with a primary focus on international commercial transactions, mergers and acquisitions, corporate restructuring, international contracts, corporate finance, project finance, energy, privatizations, public and private partnerships, private equity investments, capital markets, competition law, litigation, enforcement, bankruptcy, taxation, and arbitration.
2- ADMD Law Office
Established in 2004, ADMD Law Office, based in Istanbul, Turkey, is a comprehensive legal services provider. All ADMD members and partners are proficient in English, offering bilingual legal expertise. The partners bring significant experience from their previous roles in international consulting and accounting firms, enhancing ADMD’s ability to effectively assist foreign clients. This competence extends beyond legal services to encompass a profound understanding of Turkey’s economic and political landscape.
3- Bener Law Office
Bener Law Office is a Turkish law firm renowned for its international capabilities. Their team of lawyers,results-driven, offers legal counsel across a wide range of practice areas, serving both corporate entities and individuals. Its multilingual capabilities, encompassing Turkish, English, German, French, Italian, and Spanish, enable them to cater to a diverse range of clients.
4- Kasaroglu Law Office
Kasaroglu law office holds the unique distinction of being the sole representative of Lawyers Associated Worldwide (LAW) in Turkey. The firm concentrates its expertise on litigation and international legal consultancy, boasting a team all fluent in both Turkish and English.
The firm’s primary goal is to ensure that clients are strategically positioned following the resolution of disputes. Kasaroglu Law Office excels in a variety of practice areas, including corporate and commercial transactions, telecommunications, infrastructure projects, defense industry ventures, foreign investments, intellectual property, construction, energy, water and natural resources, competition law, bankruptcy and insolvency, as well as litigation and arbitration.
5- Gün + Partners Law Office
Gün + Partners operates as a comprehensive legal practice, with a particular emphasis on intellectual property, and offers a wide spectrum of services encompassing dispute management, advisory, transactional, prosecution, investigation, and regulatory services in both domestic and international markets.
The firm’s headquarters are located in Istanbul, and it maintains operational and correspondent offices in Ankara, Izmir, and major commercial hubs throughout Turkey. Language capabilities include Turkish and English as the primary languages, with fluency in German, French, and Russian.
Gün + Partners Law Office serves a diverse client portfolio spanning various sectors, such as life sciences, insurance and reinsurance, energy, construction, real estate, logistics, technology, media, telecommunications, automotive, fast-moving consumer goods (FMCG), chemicals, and defense industries.
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