TAX NEWS NO: 2019/4
Subject: The period regarding the obligation for bringing export proceeds into Turkey has been extended.
The Communique No. 2019-32/53 promulgated in the Official Gazette dated 3 March 2019.
As you may recall, with the Communique no. 2018-32/48 which promulgated in the Official Gazette dated 4 September 2018, the proceeds derived from the export transactions realized by the residents in Turkey, were required to be brought directly and without any delay into Turkey following the payment of such amounts by the importer, i.e. the export proceeds could be either transferred to the intermediary bank or brought into Turkey. The export proceeds were required to be brought into Turkey within a maximum of 180 days as from the date of physical export. Additionally, minimum of 80% of such proceeds were required to be sold to a bank. The obligation would be in effect for a period of 6 months as from the date of its entry into force. (Our explanations on the regulation in question were provided for your attention in our tax news no. 2018/9.)
Through the Communique No. 2019-32/53, the period regarding the obligation for bringing export proceeds into Turkey has been extended by 6 months (4 September 2019).
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