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Law on Protection of the Value of Turkish Currency

29February2024

Amendment on the Right to Protect the Value of Turkish Currency

Communiqué (Communiqué No: 2024-32/69) Amending the Communiqué on Decree No: 32 on the Protection of the Value of Turkish Currency (Communiqué No: 2008-32/34) was published in the Official Gazette numbered 32474 on February 28, 2024.

The purpose of the Communiqué is to introduce certain exceptions to the principles of application of the prohibition of payment in foreign currency.

The relevant communiqué regulates that while some obligations are obliged to be paid in Turkish Lira, these payments can now be made in foreign currency.

Author CottGroup Hukuk ve Mevzuat Ekibi, Taylan Ege Günel, Category Law on Protection of the Value of Turkish Currency

05March2019

New Development Implemented to Actions Taken for Protecting the Turkish Monetary Currency

The obligation of bringing export fees to Türkiye within 180 days and change 80% of this payment to a bank has been set as 6 months as of 04.09.2018, with the Communique on 32 Numbered Decree Regarding the Protection of Value of Turkish Currency (Regarding Export Prices). This duration which was to expire on 04.03.2019, has been extended to 1 year, 2019-32/53 numbered Communique published in the 30703 numbered and 03.03.2019 dated Official Gazette.

Author Selma Kıy, Category Law on Protection of the Value of Turkish Currency

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.

Author CottGroup Hukuk ve Mevzuat Ekibi, Category Taxation Law, Foreign Exchange Legislation, Law on Protection of the Value of Turkish Currency

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.

Author CottGroup Hukuk ve Mevzuat Ekibi, CottGroup Hukuk ve Mevzuat Ekibi, Category Foreign Exchange Legislation, Law on Protection of the Value of Turkish Currency

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