20.07.2025 01:50
The Law on the Protection of the Value of the Turkish Lira and some amendments have been accepted and enacted by the Grand National Assembly of Turkey (TBMM). According to the new regulations, foreign exchange transactions will be under the authority of the President. Penalties for unauthorized buying and selling will be increased, and unauthorized activities will be halted. Additionally, exemptions from Value Added Tax and other economic regulations will also come into effect.
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The bill regarding regulations on the economy, titled "Law on the Protection of the Value of Turkish Currency and Amendments to Some Laws," has been accepted by the General Assembly of the Turkish Grand National Assembly (TBMM) and has become law.
According to the amendment made to the Law on the Protection of the Value of Turkish Currency, the President will be authorized to make decisions regarding the regulation and limitation of the export of all kinds of goods and valuables, including the buying and selling of foreign exchange, currency, stocks, and bonds, as well as precious metals and precious stones, and any goods and valuables made from or containing them, the refining of precious metals, and all these goods and valuables, commercial papers, and any means and documents that facilitate payment, in order to protect the value of the Turkish currency.
PENALTY RATE DETERMINED
If the unauthorized export or import of all these goods and valuables constitutes a crime or misdemeanor under the provisions of the Law on Combating Smuggling, the person will be punished with an administrative fine of up to twice the market value of the goods and valuables; if the act remains at the attempt stage, the penalty will be reduced by half.
The administrative fine to be imposed will be collected together with the late fee applied at the rate determined according to the Law on the Collection Procedure of Public Receivables for the periods between the date of the offense and the date of collection.
If the offenses mentioned in the ruling are repeated within 5 years following the date on which the administrative sanction decision regarding the same offense has become final, the penalties to be imposed will be doubled.
FEES FOR OPERATIONAL PERMITS
With the law, amendments are being made to the said Law in line with the Constitutional Court's annulment decision. According to the provision listing the activities that require permission from the Ministry of Treasury and Finance, it will be mandatory to obtain permission from the Ministry to engage in commercial foreign exchange trading, to operate as a member of the Precious Metals Market of Borsa Istanbul, and to participate in the Kimberley Process Certification Scheme as decided by the Council of Ministers.
For engaging in commercial foreign exchange trading, operating as a member of the Precious Metals Market of Borsa Istanbul, and conducting precious metal refining activities, the fees specified in the relevant tariffs will be collected separately in proportion to the share to be acquired for the transfer of shares of the specified joint-stock companies. If the joint-stock company with a share transfer permit has multiple operational permits specified in this regulation, the fee specified in the relevant tariff will be collected separately in proportion to the share to be acquired for each operational permit. No fee will be charged in cases where the shares subject to transfer are inherited or the share transfer arises from a court decision, or if the person acquiring the shares is the spouse, descendant, ancestor, or sibling of the existing shareholder.
AMENDMENT IN TAX REGULATIONS
On the other hand, according to the amendment made to the Tax Procedure Law, in cases where the inspection report is prepared electronically, including coordinate-based location information and photographs of the inspected place, the signatures of the police, gendarmerie, village head, or members of the elderly council will not be required.
According to the law, the number of indicators used to determine the excess working fee to be paid for each hour worked outside normal working hours for civil servants and contracted personnel in the provincial organization of the Revenue Administration (GİB) who are assigned to carry out enforcement, collection, inspection, and widespread and intensive tax audit operations outside the office will be increased from 160 to 300. Additionally, the maximum excess working fee that can be paid for each personnel will be limited to 50 hours per month, and the number of personnel eligible for excess working fees will not exceed 40% of the total number of civil servants and contracted personnel in the provincial organization of the Revenue Administration. This provision will come into effect at the beginning of the month following the publication of the regulation.
VAT EXEMPTION ON RECEIVABLES OF MINISTRIES
According to the amendment made to the Value Added Tax Law, the delivery of light commercial vehicles, trucks, vans, off-road vehicles, and motorcycles that the Ministry of National Defense, Ministry of Interior, Presidency of Defense Industries, and National Intelligence Organization will acquire and use exclusively for national defense and internal security needs will be exempt from VAT.
Transfers and deliveries related to the sale of real estate owned by foundations under the General Directorate of Foundations and the managed foundations will also be exempt from VAT.
EXCISE TAX TO BE INCLUDED IN VAT BASE
The Special Consumption Tax (SCT) calculated and secured for the import of goods listed in the attached list of the Special Consumption Tax Law, including types of fuel and natural gas, will be included in the VAT base. This provision will come into effect at the beginning of the month following the publication of the regulation.
According to the addition made to the provision regarding the exemption from all kinds of taxes, fees, and charges in the transactions related to the implementation of the Organized Industrial Zones Law, this exemption will not cover the bank and insurance transactions tax payable under the Expenditure Taxes Law.
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