Newsletter-21

398 NEWSLETTER 2016 institutions, and other foreign foundations is extended to include assignment of such loans, and the assignment of claims arising from such loans. • The scope of the exemption granted to insurance agreements is extended to include re-insurance, co-insurance, individual and group retirement agreements, as well as other insurance undertakings. • Exemption on share purchase agreements of joint stock and limited liability companies is granted. • Exemption on papers regarding assignments of loans pro- vided by financing companies is granted. • Correction declarations submitted within the legal terms are not subject to stamp tax. Notwithstanding the correction dec- larations provided, following the extension of the legal term, are subject to stamp tax. • The agreements executed with the administration within public tenders are subject to stamp tax. • Wholesale and retail electricity sales agreements are subject to stamp tax. Conclusion Stamp tax obligations are being subjected to negotiation pro- cesses of agreements as one of the most significant obligation of the parties. Within the amendments, the stamp tax obligations of investors are decreased significantly to improve the investment environment. Please note that these amendments entered into force on 09.08.2016 through publication in the Official Gazette numbered 29796.