The Communiqué on the Decree No. 32 on the Protection of the Value of Turkish Currency regarding Export Proceeds Has Been Published
“The Communiqué on the Decree No. 32 on the Protection of the Value of Turkish Currency regarding Export Proceeds (The Communiqué No. 2018-32/48) (the “Communiqué”) has been published in the Official Gazette dated 4 September 2018 and numbered 30525. The Communiqué has entered into force as of its publication date and shall remain in effect for six (6) months starting from its publication date.
The Communiqué has introduced several provisions on the terms and conditions of bringing the export proceeds to Turkey, the exports in return of the cash exchange and other specific export methods, responsibility from the transactions to be executed within the scope of the Communiqué, balancing and cancellation of the export accounts and the notices and additional period regarding these accounts, and the discounts to be applied on freight, insurance premiums, commissions, storage and warehouse charges, custom duties and fees, and factoring expenses.
In addition, it is indicated that the provisions of the Communiqué shall apply to the export transactions if the actual export has executed by the real or legal entities residing in Turkey within the validity period of the Communiqué, on the condition that the bringing period expires after the validity period of the Communiqué. The Communiqué includes that the proceeds must be brought into Turkey within 180 days as of the actual export transaction, and that at least 80% of the proceeds must be converted into Turkish lira.
In order to access the Turkish text of the Communiqué, please click here .
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