16.02.2022/12
Regarding 2021 Year-End Exchange Rates to be Based on Exchange Rate Valuations
Article 280 of the Tax Procedure Law No. 213 (TPL) stipulates that foreign currencies shall be valued at the exchange rate, if the foreign currency has no exchange rate, the exchange rate to be taken as basis for valuation shall be determined by the Ministry of Finance and this provision is also valid for receivables and payables with or without promissory notes expressed in foreign currency.
Pursuant to this provision, the exchange rates to be taken as basis for valuation as of the end of 2021 have been determined by the Ministry of Treasury and Finance with the General Communiqué on Tax Procedure Law No. 536. Accordingly, the exchange rates in the first part of the list will be applied in the valuation of foreign currencies and foreign currency receivables and payables in bank accounts. For foreign currencies in the form of banknotes in the safe deposit box, the exchange rates determined for banknotes should be applied.
The exchange rates to be used in the valuation of frequently used foreign currencies are given below:
| CURRENCY DENOMINATION | (I) FOREIGN EXCHANGE | (II) EFFECTIVE PURCHASE |
| 1 US Dollar | 12,9775 | 12,9684 |
| 1 Australian Dollar | 9,3950 | 9,3518 |
| 1 Danish Kroner | 1,9713 | 1,9699 |
| 1 Euro | 14,6823 | 14,6721 |
| 1 British Pound | 17,4530 | 17,4408 |
| 1 Swedish Krona | 1,4268 | 1,4258 |
| 1 Swiss Franc | 14,1207 | 14,0995 |
| 100 Japanese Yen | 11,2434 | 11,2018 |
| 1 Canadian dollar | 10,1258 | 10,0883 |
| 1 Kuwaiti Dinar | 42,6451 | 42,0055 |
| 1 Norwegian Kroner | 1,4672 | 1,4662 |
| 1 Saudi Arabian Riyal | 3,4568 | 3,4309 |
For other currencies, the list attached to the Communiqué should be taken into consideration.
General Communiqué No. 536 on Tax Procedure Law and its annex can be found here.
Sincerely,
BİLGENER
