28April2022

Obligation of Exchanging Portion of the Export Prices to the Banks Has Been Raised up to 40%

With the instruction dated 15.04.2022 of the Ministry of Treasury and Finance, at least 40% of the export price, which are assigned to EPCA or FEPC, is now mandatory to sell to the bank which regulates the IBKB or DAB from 18.04.2022

These transfers are being sold to the CBT within the same day by the Central Bank of the Republic of Türkiye based on the buying rate of exchange which are announced by CBT on the transaction date. The relevant transfer will be paid to the exporter in Turkish Lira.

Related to the exportation made or to be made to Ukraine or Russia, even the export price declared in foreign currency, the acceptance can be in Turkish Lira.

You may access to the relevant CBT’s Exportation Circular from here (In Turkish).

Should you have any queries or need further details, please contact your customer representative.

Written by Selma Kıy, Posted in Taxation Law

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About The Author

Selma Kıy

Certified Public Accountant - SMMM

https://www.cottgroup.com