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Laws & Regulations
Yes. A payment or electronic money institution may outsource its information systems, provided it complies with Articles 11 and 16 of the Information Systems Communiqué and Article 13 of the Regulation.
E-commerce
B2B (Business to Business) is the name for systems used in the dealer networks of large companies, where dealers run supply, stock, distribution and marketing processes efficiently in a closed network.
Payment Systems
“Brick and mortar” refers to a business's physical presence in a building. In banking, it describes the traditional branch-based model of face-to-face contact between bank and customer.
Laws & Regulations
BSMV stands for Banking and Insurance Transaction Tax, levied on banking and insurance transactions. This post explains how it applies to payment institutions and e-money institutions under Expense Taxes General Communiqué No. 91, with an example.
Security
SCRW (Smart Card Reader Writer) can be translated as Smart Card Reader/Writer. Smart chip card readers are sophisticated devices with built-in intelligence, usable in PCs, laptops, servers, smartphones, and set-top boxes.
Laws & Regulations
The Equity-Based Crowdfunding Communiqué entered into force with its publication in the Official Gazette on 03.10.2019 and explains how money is raised from the public through crowdfunding platforms in exchange for shares. What are crowdfunding and equity-based crowdfunding?
Laws & Regulations
Under Article 13 of Law No. 6493, payment services can be provided by banks, electronic money institutions, payment institutions and PTT. Anyone else is prohibited from offering them.
Laws & Regulations
Payment and e-money institutions' commissions were first subject to VAT, until Expenditure Taxes General Communiqué No. 91 settled the matter. Here is how bill payment intermediation is taxed under Article 10.
Laws & Regulations
When payment institutions and e-money institutions were first established, the commissions they collected from customers were subject to VAT. Because they carry out activities similar to banking, BSMV was also debated. The General Communiqué on Expense Taxes (Series No: 91) resolved this.
E-commerce
Expenditure Taxes General Communiqué No. 91 ended the VAT versus BSMV debate for payment and e-money institutions. Under Article 7, e-money institutions pay BSMV on the commissions they collect.
Merchant & POS
Payment and e-money institutions' commissions were first subject to VAT, but since their work resembles banking, BSMV was debated. Expenditure Taxes General Communiqué No. 91 settled the question.
Merchant & POS
When payment and e-money institutions were first set up, their commissions were subject to VAT, but BSMV was also debated. General Communiqué on Expenditure Taxes (Serial No: 91) settled the issue; here is how the tax base is determined.