Protection of the Value of Turkish Currency (About the Cost of Export, Communiqué No. 32)

Export Price

The export price transactions carried out by persons resident in Turkey have been announced decision subject areas. Briefly; selling 80% amount of exported goods to a bank in Turkey became mandatory. The time allowed for this process is 180 days. The exporters cannot keep foreign currency that they earned from exporing more than 180 days.

In the decision, the principles of the issuance of the foreign exchange or prefinance provisions of the foreign exchange amount (export price) obtained from the exportation are explained. Also, the duration of the dormitories for the leased goods and the leased goods by the contracting companies, are separately specified.

Types of Moving Export Price to Domestic Country:

• Letter of Credit
• Payment against payment
• Payment Against Goods
• Letter of Credit
• Payment Against Goods
• Advance Payment

Foreign Exchange Provision:

-Exports made in this way must be carried out within 24 months. This includes the documents which the companies believe will help them extend the period (eg: Inland Business Permit). So 24 months is the maximum time in all conditions.

-Prepayments which are not returned at all or are not issued in due time shall be subject to prefinancing provisions. If the export contracting period is extended, the period of bringing the export cost to the country is extended.

Export by Contractor or Construction Companies:

Exports made in this way are required to be sold to the bank within 365 days and sold to the bank.

Export by Consignment:

• The way to consignment is to give the property to the broker without transfer of ownership. Only the possession of the goods is transferred. As an example of the exports made through this way, the goods given to the broker can be shown in order to be exhibited and sold in organizations such as exhibitions and fairs abroad. In this case, the export price of trade fair, exhibition and so on. After the end of the organization, it should be sold to a bank within 180 days.

Goods in Temporary Export Status:

-In this case, the export price must be sold to a bank within 90 days after the sale of the goods or within the additional period within the given period and within the additional period.

Leasing Legislation:

-In this case, the export price obtained must be sold to a bank within 90 days following the maturity dates specified in the loan sale or lease agreement.

Responsibility:

-Exporters are responsible for selling the export price to banks and closing the export account at the bank and banks are responsible for following these transactions.

-In different cases, the Ministry of Treasury and Finance shall determine.

Discounts:

-According to the decision, the act of offsetting the export price is possible. Foreign exchange buying and selling documents are issued for the amounts deducted as a result of criteria or approval of Ministry.

-Foreign currency transfer requests are examined and concluded by banks in accordance with the provisions regarding the deduction of some expenses (insurance premium, commission, storage, warehouse etc. or export related transportation, preservation, maintenance etc.) from export price or invisible transactions.

In cases where weighing and analysis conditions are required, the debts (appraisal and arbitration fee, quality difference, etc.) determined by weighing and analysis shall be examined and concluded by banks.

Other conditions that may be deducted by the banks within the period of the payment period brought by the banks within the period of the payment:

• Exporter’s export prices,
• Payments related to capital movements,
• Expenses related to invisible transactions,
• The purchase price of transit trade,
• In the export and import of goods, the parties are the same person and the export price remains within the period of being brought to the country (the deduction of export and import costs)

Any claims other than those stated above shall be examined and concluded by the Ministry of Treasury and Finance. In cases where permitted, the export fee shall be deemed to have been returned to the country within the term.

As a result of the permission granted by the Ministry, the foreign exchange purchase documents are issued at the exchange rate prevailing at the date of offsetting for the part subject to the offsetting.

ACCOUNT CLOSING, INCIDENT AND ADDITIONAL DURATION

• Export accounts are closed by intermediary banks.
• If the accounts cannot be closed, the related bank shall notify the relevant Tax Office or Directorate in writing within 5 working days.
• The notified body shall send a notice to the related parties within a period of 10 business days following the notification, with a notice of 90 days to close the accounts.
• Within this period, closing the calculation or documenting the reasons of force majeure or justifiable reasons
• In the case of force majeure and in progress, the Tax Office shall provide an additional period for six months.
• In case of just cause, additional time request for up to six months is granted by the Tax Office in quarterly periods in accordance with the written declaration of the rightful situation.
• Requests for additional period of six months, based on justification, are examined and concluded by the Ministry of Finance and Treasury.

Force Majeure:

1- Acceptable force majeure conditions;

• The company’s decision to postpone the bankruptcy of the company, the death of the owner of the company,
• Strike, lockout and avanta
• It is impossible to close the accounts due to the decisions and transactions of the importer or importer country authorities or the transactions of correspondent banks.
• Natural disaster, war and blockade,
• Loss, damage or destruction of goods,
• Filing a claim for disputes or applying for arbitration,

Cancellation:

In case of not exceeding USD 100.000 or equivalent, as per each customs declaration;

• Regardless of the existence of force majeure

• Deficiency of up to 10% of the price in the declaration or form (including deficiencies due to insurance costs)
• Export accounts are closed directly by the banks, regardless of the form of payment.

In case of not exceeding USD 200.000 or equivalent, as per each customs declaration;