TURKEY INTRODUCES OBLIGATIONS TO BRING EXPORT PROCEEDS INTO THE COUNTRY

Baker McKenzie on 6th September published an article saying that the Ministry of Treasury and Finance published a Communiqué on the Protection of the Value of Turkish Currency, introducing an obligation for Turkish resident exporters to bring export proceeds into Turkey – with effect for an initial 6 months from 4th September.  The article lays out the most significant issues introduced by the Communiqué.  These include 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.  The article comments that Turkey imposed similar export proceeds obligations in the past, which were abolished in 2008, and that the re-imposed obligations are due to the recent currency deprecation.

http://esinxchange.com/rv/ff004019fcfd830382f26f19c941942245b606ef

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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