Newsletter on Amendments to The Law on The Protection of The Value of Turkish Currency
The following amendments were made to the Law on the Protection of the Value of Turkish Currency numbered 1567 and dated 20 February 1930 (“Law”) with a provisional article as of February 3, 2021
Within the scope of general and regulatory transactions regulated under the Law; if open export accounts, which were not notified by banks to the relevant tax offices / directorates in due time, are notified within 60 days as of 3 February 2021, the sanctions regulated under article 3 of the Law will not be imposed to banks.
Also, the following amendments were made regarding the above-mentioned notification obligation:
- The sanctions regulated under article 3 of the Law will not be applied for violations that are reported after the due date but have not been notified to the Public Prosecutors as of the effective date of this regulation.
- Administrative sanction will not be imposed by Public Prosecutors for transactions that have been submitted to Public Prosecutors as of the effective date of the provisional article but have not been subject to an administrative fine.
- Administrative sanction imposed by Public Prosecutors that have not been finalized or even finalized, those which have not been paid yet, will be abolished with all of its consequences.
In addition to cases mentioned above, paid administrative fines will not be rejected or refunded.
The amendments entered into force on 3 February 2021 which is the publication date of the Official Gazette.
 The relevant amendment was made with the Law on Amendments to Technology Development Zones Law and Certain Law published on the Official Gazette dated 3 February 2021 numbered 31384.