26.07.2022/56
Exchange Rates for the 2022 Accounting Period II. Temporary Tax Period
Article 280 of the Tax Procedure Law stipulates that foreign currencies will be valued at the exchange rates of the stock market, and if there is no stock market rate, the exchange rate to be applied for valuation will be determined by the Ministry of Finance. This rule also applies to receivables and payables in foreign currency, whether they are documented or not.
According to the 217th Series of the Income Tax General Communiqué, the exchange rates to be used for determining the foreign currency and for valuing foreign currency receivables and payables in the calculation of temporary tax will be the exchange buying rates published by the Central Bank of the Republic of Turkey (CBRT) in the Official Gazette as of the closing date of the temporary tax period.
Accordingly, the most commonly used exchange rates valid for the 2022 accounting period II. Temporary Tax Period (30.06.2022) announced by the Central Bank of the Republic of Turkey in the Official Gazette No. 31882 on 30.06.2022 are as follows:
| CURRENCY TYPE | (I) EXCHANGE BUYING RATE | (II) EFFECTIVE BUYING RATE |
| 1 US Dollar | 16.6690 | 16.6574 |
| 1 Australian Dollar | 11.4437 | 11.3910 |
| 1 Danish Krone | 2.3516 | 2.3500 |
| 1 Euro | 17.5221 | 17.5098 |
| 1 British Pound | 20.2527 | 20.2385 |
| 1 Swedish Krona | 1.6324 | 1.6312 |
| 1 Swiss Franc | 17.4297 | 17.4035 |
| 100 Japanese Yen | 12.2020 | 12.1569 |
| 1 Canadian Dollar | 12.9318 | 12.8839 |
| 1 Kuwaiti Dinar | 54.0168 | 53.2066 |
| 1 Norwegian Krone | 1.6925 | 1.6913 |
| 1 Saudi Riyal | 4.4425 | 4.4092 |
Accordingly, the exchange rates listed in the first section will be applied for the valuation of foreign currency in bank accounts and foreign currency receivables and payables. For foreign banknotes held in cash, the exchange rates for effective purchases must be applied.
You can access the complete list of exchange rates published in the Official Gazette here.
Best regards,
BİLGENER
