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Law on Protection of the Value of Turkish Currency


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

The obligation of bringing export fees to Turkey 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.

Written by Selma Kıy, Posted in Law on Protection of the Value of Turkish Currency


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 Taxation Law, Foreign Exchange Legislation, Law on Protection of the Value of Turkish Currency


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 Foreign Exchange Legislation, Law on Protection of the Value of Turkish Currency


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 Foreign Exchange Legislation, Law on Protection of the Value of Turkish Currency

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