29.02.2024/21
Amendment to Communiqué No. 2008-32/34 on TL Payment Obligation
As it is known, the Communiqué was amended as of 19.04.2022 and it was made obligatory to fulfill payment obligations arising from securities sales contracts in TRY. (19.04.2022/27 Circular No.).
The Ministry of Treasury and Finance issued a press release dated 21.04.2022 and explained the issues regarding the implementation.
This time, Communiqué (Communiqué No: 2024-32/69) was published in the Official Gazette dated 28.02.2024 and numbered 32474, amending the Communiqué (Communiqué No: 2008-32/34) on the Decree No: 32 on the Protection of the Value of the Turkish Currency. In the said Communiqué, some of the explanations made by the Ministry have been incorporated into the Communiqué as a legislative regulation and some issues excluded from the scope of the obligation are also included.
Accordingly, the issues excluded from the obligation to pay TL in relation to the sale of securities are as follows:
a)Payment obligations within the scope of negotiable instruments denominated in foreign currency that entered into circulation before the effective date of the Communiqué (Communiqué No: 2022-32/66) Amending the Communiqué on the Decree No: 32 on the Protection of the Value of Turkish Currency (Communiqué No: 2008-32/34) published in the Official Gazette dated 19/4/2022 and numbered 31814 within the scope of the performance of securities sales contracts concluded before 19/4/2022. Enforcement 21.04.2022
b)Payment obligations under invoices issued before 19/4/2022. Enforcement 21.04.2022
c) Precious metals and precious stones trading transactions realized in foreign currency at Borsa Istanbul A.Ş. Precious Metals and Diamond Market and payment obligations within the scope of settlement of these transactions. Enforcement 21.04.2022
ç)The Communiqué on the Status of Foreign Trade Capital Companies published in the Official Gazette dated 8/12/2004 and numbered 25664 (Exports: 2004/12) and the Communiqué on the Status of Sectoral Foreign Trade Companies published in the Official Gazette dated 2/7/2004 and numbered 25510 (Exports: 2004/4), payment obligations within the scope of securities sales contracts for exports to be realized through Foreign Trade Capital Companies (FTSC) or Sectoral Foreign Trade Companies (SFTC) based on an intermediated export contract and exports to be realized based on an intermediated export contract through companies with the status of Export Consortium within the scope of the Decree on Export Supports put into force by the Presidential Decree dated 17/8/2022 and numbered 5973 and E-Export Consortium within the scope of the Decree on E-Export Supports put into force by the Presidential Decree dated 24/8/2022 and numbered 5986. Enforcement 28.02.2024
d) Payment obligations within the scope of securities sales contracts concluded for the delivery of goods to which transit and customs warehouse regimes and temporary storage and free zone provisions in the Customs Law dated 27/10/1999 and numbered 4458, including the sale and delivery of ihrakiye subject to customs declaration. Enforcement 28.02.2024
e) Payment obligations regarding the delivery of goods subject to the securities sales contract made with companies operating in the free zone within the scope of foreign trade transactions. Enforcement 28.02.2024
The relevant Communiqué is available here.
Sincerely,
BİLGENER
