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02January2020

Obligation to Bring 80% of The Export Prices into The Country Has Been Cancelled

Obligation to Bring 80% of The Export Prices into The Country Has Been Cancelled

Within the scope of the “Communiqué (Communiqué no: 2019-32/56) On Amending the Communiqué (Regarding Export Prices) (Communiqué no: 2018-32/48) Regarding Protection of the Value of Turkish Currency Resolution numbered as 32”; which was published on the 5th Recurrent Official Gazette dated as 31.12.2019, the regulation that came into effect with former Communiqués regarding the obligation to bring export prices to Turkey and to sell 80% to a bank has been cancelled.

Matters that include features are as below;

  • Obligation to exchange Export Price has been cancelled.
  • - The export amounts brought into the country through banks in foreign currency can be saved freely without being converted into Turkish Lira.

  • “Export Price Acceptance Certificate” will be issued by the Banks in order to document the export amount brought to the country.
  • - As the obligation to exchange Export Price has been cancelled, “Export Price Acceptance Certificate” will be issued in order to ensure that the export price is brought to the country during the period and it is compliant with the legislation.

  • The obligation to bring the export prices of each customs declaration up to 30.000 USD has been abolished.
  • - With the regulation, the obligation to bring the export prices of each customs declaration up to 30.000 USD has been abolished. Besides, if the export value is above 30.000 USD and the amount that cannot be brought to the country is below 30.000 USD, these declarations can be abandoned.

  • As of 31.12.2019, the files that have not been closed yet will be included to the scope of the regulation.
  • - Foreign currencies, which were exported before 31.12.2019 but not converted into Turkish Lira, can be used freely and open accounts up to 30.000 USD will be abandoned.

Relevant circular can be accessed from here.

Written by Selma Kıy, Posted in Taxation Law

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About The Author

Selma Kıy

Certified Public Accountant - SMMM
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