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.

In the Communique No. 2018 – 32 / 48 on the Decree No. 32 on the Protection of the Value of Turkish Currency, which entered into force through its publication in the Official Gazette No. 30525 dated 04.09.2018, the procedures and principles have been determined to be applied for bringing into Türkiye the export proceeds that will arise from the export transactions performed by Turkish residents.

Within the scope of the Personal Data Protection Law numbered 6698 which has been announced in the 29677 Numbered Official Gazette dated April 7, 2016, it is highly crucial for the natural persons and legal entities to meet all the legal compliancy requirements in dealing with the personal data that they obtain, use, store, process to avoid the administrative penalty fines and possible incompliancy sanctions.

General Communique on Income Tax with serial no. 304, which stipulates the procedures and principles regarding the implementation of Provisional Article 21 added to the Unemployment Law No. 4447 by virtue of Law no 7103 dated 21/3/2018 on the Amendment of Tax Laws and Certain Laws and Decree Laws, was published on July 6, 2018.

The wage earners who have been employed within the scope of Provisional Article 21 of Law No 4447 as well as Provisional Articles 19 and 20 of the same Law and who possess the requisite qualifications specified therein, will be entitled to income tax withholding incentive by abatement of the amount, which remained after applying the minimum living allowance to the income tax calculated on the basis of minimum pay by taking into consideration the number of premium payment days, by way of deducting the same from the tax accrued in the tax return.