Company IDs set to improve transparency

ANKARA - Hürriyet

TOBB President Rıfat Hisarcıklıoğlu announces the new system providing a single identification number to each company, at press meeting in Ankara.

Every Turkish company will be issued a single identification number in a new system to provide objective and tangible criteria to ease paperwork and identify companies that are compatible with the objectives of the new Turkish Commercial Code that came into effect July 1, 2012.

The statistical classification of economic activities, referred as NACE, is a European industry standard classification system that also indicates if a company operates in several sectors, Rifat Hisarcıklıoğlu, chairman of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), said during a press conference announcing the new system. Just as citizens have only one citizenship identification number, now companies will have only one activity code, he said.

The Revenues Service, General Directorate of Population and Citizenship Affairs, Social Security Institution (SGK) and TOBB determined the NACE activity codes of companies by classifying their economic activity.