REVIEW ON LENDING BASED CROWDFUNDING FROM THE PERSPECTIVE OF  FINANCE LAW AND FISCAL LAW

Zeynep Müftüoğlu

Article Details

REVIEW ON LENDING BASED CROWDFUNDING FROM THE PERSPECTIVE OF FINANCE LAW AND FISCAL LAW

Authors:

Zeynep Müftüoğlu

Publisher:

Inonu University

Main Topics:

Hukuk (Diğer)

Journal:

İnönü Üniversitesi Hukuk Fakültesi Dergisi Vol.15 Issue 1, pp.81-100

Document Type:

Article

Publication Date:

6/2024

Document Language:

Turkish

Document ID (Org No.):

2001309323

pISSN:

2146-1082

Keywords:

Abstract:

 Crowdfunding is a venture-investment system whose basis is based on very old times and whose types and application area have been increasing especially in recent years. The legal infrastructure of the application in our country was established in 2017 in the Capital Markets Law No. 6362. There are different types of crowdfunding, based on shares, borrowing, donations and rewards. In the Capital Markets Law, crowdfunding based on shares and debt is regulated. Although there are many efficient applications of share-based crowdfunding in our country, debt-based crowdfunding does not have an application area. In the study, the debt-based crowdfunding method is discussed. This method is examined from an interdisciplinary perspective from the perspective of finance law and financial law. For this purpose, the comparative method is adopted in the study and the situation of debt-based crowdfunding compared to other investment instruments in our country is analyzed. Following this analysis, the tax regime to which the borrowing-based crowdfunding method is subject is determined. As a result of the analysis and determination, it is seen that crowdfunding based on borrowing is not effective in offering an advantageous environment to entrepreneurs and investors against other capital market instruments in the economic environment of our country. There are also no special tax regulations to make this method attractive. Based on the findings obtained, the study proposes a number of tax relief recommendations in order to make borrowing-based crowdfunding a more effective tool.

 Crowdfunding is a venture-investment system whose basis is based on very old times and whose types and application area have been increasing especially in recent years. The legal infrastructure of the application in our country was established in 2017 in the Capital Markets Law No. 6362. There are different types of crowdfunding, based on shares, borrowing, donations and rewards. In the Capital Markets Law, crowdfunding based on shares and debt is regulated. Although there are many efficient applications of share-based crowdfunding in our country, debt-based crowdfunding does not have an application area. In the study, the debt-based crowdfunding method is discussed. This method is examined from an interdisciplinary perspective from the perspective of finance law and financial law. For this purpose, the comparative method is adopted in the study and the situation of debt-based crowdfunding compared to other investment instruments in our country is analyzed. Following this analysis, the tax regime to which the borrowing-based crowdfunding method is subject is determined. As a result of the analysis and determination, it is seen that crowdfunding based on borrowing is not effective in offering an advantageous environment to entrepreneurs and investors against other capital market instruments in the economic environment of our country. There are also no special tax regulations to make this method attractive. Based on the findings obtained, the study proposes a number of tax relief recommendations in order to make borrowing-based crowdfunding a more effective tool.

 Crowdfunding is a venture-investment system whose basis is based on very old times and whose types and application area have been increasing especially in recent years. The legal infrastructure of the application in our country was established in 2017 in the Capital Markets Law No. 6362. There are different types of crowdfunding, based on shares, borrowing, donations and rewards. In the Capital Markets Law, crowdfunding based on shares and debt is regulated. Although there are many efficient applications of share-based crowdfunding in our country, debt-based crowdfunding does not have an application area. In the study, the debt-based crowdfunding method is discussed. This method is examined from an interdisciplinary perspective from the perspective of finance law and financial law. For this purpose, the comparative method is adopted in the study and the situation of debt-based crowdfunding compared to other investment instruments in our country is analyzed. Following this analysis, the tax regime to which the borrowing-based crowdfunding method is subject is determined. As a result of the analysis and determination, it is seen that crowdfunding based on borrowing is not effective in offering an advantageous environment to entrepreneurs and investors against other capital market instruments in the economic environment of our country. There are also no special tax regulations to make this method attractive. Based on the findings obtained, the study proposes a number of tax relief recommendations in order to make borrowing-based crowdfunding a more effective tool.

 Kitle fonlaması, temeli çok eskilere dayanan bir girişim-yatırım sistemi olup özellikle son yıllarda çeşitleri ve uygulama alanı gittikçe artmaktadır. Ülkemizde uygulamanın yasal alt yapısı 2017 yılında 6362 sayılı Sermaye Piyasası Kanununda kurulmuştur. Kitle fonlamasının, paya, borçlanmaya, bağışa ve ödüle dayalı olmak üzere farklı türleri bulunmaktadır. Sermaye Piyasası Kanununda paya ve borca dayalı kitle fonlaması düzenlenmektedir. Ülkemizde paya dayalı kitle fonlamasının birçok verimli uygulaması bulunmakla birlikte borca dayalı kitle fonlamasının uygulama alanı bulunmamaktadır. Çalışmada, borçlanmaya dayalı kitle fonlaması yöntemi ele alınmakta; bu yöntem finansman hukuku ve mali hukuk perspektifinden disiplinlerarası bakış açısı ile incelenmektedir. Bu amaçla çalışmada karşılaştırmalı yöntem benimsenmekte, borçlanmaya dayalı kitle fonlamasının ülkemizdeki diğer yatırım araçları karşısında durumu analiz edilmektedir. Söz konusu analizin ardından borçlanmaya dayalı kitle fonlaması yönteminin tabi olduğu vergi rejimi saptanmaktadır. Yapılan analiz ve saptama sonucunda görülmektedir ki borçlanmaya dayalı kitle fonlaması ülkemiz ekonomik ortamında diğer sermaye piyasası araçları karşısında girişimci ve yatırımcıya avantajlı bir ortam sunabilmek konusunda etkin olamamaktadır. Bu yöntemi cazip kılmak için herhangi özel bir vergi düzenlemesi de bulunmamaktadır. Elde edilen bulgulardan yola çıkarak çalışmada, borçlanmaya dayalı kitle fonlamasının daha etkin bir araç haline gelebilmesi için vergi kolaylıkları getirilmesi yönünde önerilere yer verilmiştir.

Article Details

REVIEW ON LENDING BASED CROWDFUNDING FROM THE PERSPECTIVE OF FINANCE LAW AND FISCAL LAW

Authors:

Zeynep Müftüoğlu

Publisher:

Inonu University

Main Topics:

Hukuk (Diğer)

Journal:

İnönü Üniversitesi Hukuk Fakültesi Dergisi Vol.15 Issue 1, pp.81-100

Document Type:

Article

Publication Date:

6/2024

Document Language:

Turkish

Document ID (Org No.):

2001309323

pISSN:

2146-1082

Crowdfunding

Crowdsourcing

Lending Based Crowdfunding

TaxationKitle Fonlaması

Kitlesel Fonlama

Borçlanmaya Dayalı Kitle Fonlaması

Vergi

Issues

Article Details

Authors: Zeynep Müftüoğlu

Publisher: Inonu University

Main Topics: Hukuk (Diğer)

Journal: İnönü Üniversitesi Hukuk Fakültesi Dergisi Vol.15 Issue 1, pp.81-100

Document Type: Article

Publication Date: 6/2024

Document Language: Turkish

Document ID (Org No.): 2001309323

pISSN: 2146-1082

Issues

Authors:

Zeynep Müftüoğlu

Publisher:

Inonu University

Main Topics:

Hukuk (Diğer)

Journal:

İnönü Üniversitesi Hukuk Fakültesi Dergisi Vol.15 Issue 1, pp.81-100

Document Type:

Article

Publication Date:

6/2024

Document Language:

Turkish

Document ID (Org No.):

2001309323

pISSN:

2146-1082