In the recent days, several banks are demanded an explanation from the receiver with blocking the foreign currency units over 50.000 USD which are Transferred from Abroad, because of their notification and explanation liability to the Turkish Central Bank.

The foreign companies to transfer money with foreign currency to Türkiye, shall be provided against possible delays with respect to payment dates and contractual obligations. It is important to fulfill the obligation of declaration and statement by the receiver party not to be subject of any trouble.

It has been announced on our website that we have expecting upcoming statements due to uncertainty regarding both the market expectation and the decree interpretation after the Presidential Decree which is published on the date of 13.09.2018.

The Ministry of Treasury and Finance issued a press statement about the Presidential Decree with regard to converting the agreements in foreign currency into Turkish lira. However, no progress has been made yet regarding the subsidiary regulations following the press statement.

As per to the Article 4 of The General Communiqué Sequence Number: 483 of Tax Procedure Law, published in the Official Gazette dated 30.09.2017, the fiscal information regarding day end Z-reports obtained on daily basis from the old and new generation cash registers (except for users of cash registers with mobile EFT-POS features) should be submitted to the Turkish Revenue Administration as from 01.10.2018.

On the Official Gazette numbered 30534 dated 13.9.2018, it has been announced with the Presidential Decree numbered 85 to make amendments on the recently announced Decree Law numbered 32 “The Protection of the Turkish Currency”.

According to the newly announced Decree, the below shall be applicable starting as of 13/9/2018:

• It is prohibited to have foreign currency-based contracts or contracts with foreign currency payment duties for the parties which are located within the borders of Türkiye in relation to all types of property and real estate purchase, sale and lease agreements, vehicle purchase / sale and lease agreements, service, employment and similar agreements. The clause is applicable to all local parties in Türkiye unless the party is announced to have certain exception by the relevant authority.
• As of the date this Law is in force (Sept, 13), within 30 days all the rates, values, prices which are to be agreed on foreign currency, shall be adjusted with Turkish currency (TRY) fees. The clause is applicable to all local parties in Türkiye, unless the party is announced to have certain exception by the relevant authority.