Exchange Legislation

26November2018

STAMP TAX DUTY FOR THE CONTRACTS IMPACTED BY CURRENCY PROTECTION LAW

The prohibition of determining the contract price in foreign currency or based on foreign currency is imposed for many contracts (namely, chattel and real estate sales and leasing, financial leasing, labour, service and construction agreements) that are concluded between the Turkish residents, with 13/9/2018 dated and 85 numbered “the Decree on the Amendment of 32 numbered Decree regarding the Protection of Turkish Currency” (“Presidential Decree”). Under this new regulation, the necessary of amendment of the contract price converted into Turkish currency is needed for the contracts in the scope of the prohibition. At this point, a stamp tax problem occurs for the amended contracts.

Written by Seda Arıcı, Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations, Taxation Law

19November2018

REGULATION NO: 2018-32/52 REGARDING THE AMENDMENT ON THE REGULATION (REGULATION NO: 2008-32/34)

On the 30597 numbered Official Gazette dated of 16/11/2018, a new Communique has been announced by the Ministry of Treasury and Finance. The Communique numbered 2018-32/52 is related to the previously announced 2008-32/34 numbered Communique and the revision of Article 8 of the relevant Communique based on the Amendment of the Decree No.32 on Protection of the Value of Turkish Monetary Currency.

From a broad perspective, the application of the regulations based on the Decree and the relevant Communiques have not been impacted, whereas the exemptions have been elaborated further. Below we have outlined the amendments on the Article 8, announced by the Communique on the date of November 16, 2018.

You can access our previous publication on the Communique by clicking here.

Written by Seda Arıcı, Suzan Tepe, Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations

08October2018

REVISIONS ON THE SERVICE, EMPLOYMENT AND RELEVANT AGREEMENTS WITHIN TURKISH CURRENCY PROTECTION LAW

As per to the Presidential Decree announced on September 13, 2018 there has been an uncertainty on the parties located in Turkey, which were to be prohibited to sign foreign currency  based contracts.  The uncertainty has mostly raised a question for the parties that have casual connection with parties outside Turkey, have non-Turkish shareholder/ownership and/or have obligation of foreign currency based payments to abroad in relation to the services, consultancy and relevant agreements.

With the amendments and Communique announced recently in regards, it has been clarified which parties will be exempt from the prohibition.

Written by Selim Tankut Akdağ, Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations

08October2018

AMENDMENT ON THE PROTECTION OF THE VALUE OF TURKISH CURRENCY LAW AND ITS IMPACT ON EMPLOYMENT CONTRACTS

On September 17, 2018 the Treasury had made a press release which was expected to be clarified with further explanations. The alteration to the recently announced regulations and the press release has been announced on Saturday, Oct. 6, 2018 through a Communique. As per to the newly published Communique; workplaces (employers) are obligated to have employment contracts which are based on foreign currency converted to Turkish Lira (TRY) based contracts in certain cases. The deadline to have the employment contracts amended to TRY is October 12, 2018.

The sections relevant to employment contracts announced with the COMMUNIQUE (NO:2018-32/51) REGARDING THE AMENDMENT ON THE DECREE LAW NO.32 ON PROTECTION OF THE VALUE OF TURKISH CURRENCY (NO: 2008-32/34), which has been released on the Official Gazette numbered 30557 are outlined below.

Written by Selim Tankut Akdağ, Posted in Exchange Legislation, Protection of the Value of Turkish Currency Regulations

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