Turkey has changed the way in which license holders must demonstrate that they meet minimum asset thresholds.
Turkey's Energy Markets Regulatory Authority on December 15, under Decree Number 6665, amended the way in which license holders for distribution and bunker fuel delivery must demonstrate that they meet minimum asset thresholds.
The minimum asset thresholds require a distribution license of TRY 37,500,000 ($9,619,825) or bunker fuel delivery license of TRY 11,250,000 ($2,885,948).
Under the Regulation on Notifications in the Energy Markets, license holders are required to submit balance sheets to the regulatory authority to demonstrate that the thresholds have been met.
The new approach is set to be implemented in 2018
The new amendment decree means license holders will now be able to prove they meet the minimum asset thresholds through the submission of the same balance sheets prepared for the previous year's Corporate Tax Declaration.
The new approach is set to be implemented in 2018, when license holders will be able to use balance sheets prepared for the 2017 Corporate Tax Declaration to meet the requirement for that year.
It is noted that Decree Number 5352 will continue to apply to bunker fuel delivery license holders that have mineral oil activity covered by their licenses.