The bill concerning regulations related to the economy, titled “Law on the Protection of the Value of Turkish Currency and Amendments to Some Laws,” has been accepted by the General Assembly of the Turkish Grand National Assembly (TBMM) and has become law.
According to the amendment made to the Law on the Protection of the Value of Turkish Currency, the President will be authorized to make decisions regarding the regulation and limitation of the export of and import into the country of foreign exchange, currency, stocks, and bonds, as well as the buying and selling of precious metals and precious stones, and any goods and valuables containing or made from them, the refining of precious metals, and all these goods and valuables, commercial papers, and any means and documents that facilitate payment, in order to protect the value of the Turkish currency.
If the unauthorized export or import of all these goods and valuables constitutes a crime or offense under the provisions of the Law on Combating Smuggling, the person will be punished with an administrative fine of up to twice the market value of the goods and valuables; if the act remains at the stage of attempt, the penalty will be reduced by half.
The administrative fine to be imposed will be collected together with the late payment interest calculated at the rate determined according to the Law on the Collection Procedure of Public Receivables for the periods between the date of the offense and the date of collection.
If the offenses mentioned in the ruling are repeated within 5 years following the date on which the administrative sanction decision regarding the same offense has become final, the penalties to be imposed will be doubled.
With the law, amendments are being made to the said Law in line with the Constitutional Court’s annulment decision. According to the provision listing the activities that require permission from the Ministry of Treasury and Finance, it will be mandatory to obtain permission from the Ministry to engage in commercial foreign exchange trading, to operate as a member in the Precious Metals Market of Borsa Istanbul, and to participate in the Kimberley Process Certification Scheme as decided by the Council of Ministers.
For engaging in commercial foreign exchange trading, operating as a member in the Precious Metals Market of Borsa Istanbul, and conducting precious metal refining activities, the fees specified in the relevant tariffs for the transfer of shares of the mentioned joint-stock companies will be collected separately in proportion to the share ratio to be acquired. If the joint-stock company with a share transfer permit has multiple operational permits specified in this regulation, the fee specified in the relevant tariff will be collected separately in proportion to the share ratio to be acquired for each operational permit. No fee will be charged in cases where the shares subject to transfer are inherited or the share transfer arises from a court decision, or if the person acquiring the shares is the spouse, descendant, ancestor, or sibling of the current shareholder.
On the other hand, according to the amendment made to the Tax Procedure Law, in cases where the inspection report is prepared electronically, including coordinate-based location information and photographs of the inspected place, the signatures of police, gendarmerie, village headmen, or members of the elderly council will not be required.
According to the law, the number of indicators used to determine the excess working fee to be paid for each hour worked outside normal working hours for civil servants and contracted personnel in the provincial organization of the Revenue Administration (GÄ°B) who are assigned to carry out enforcement, collection, inspection, and widespread and intensive tax audit operations will be increased from 160 to 300. Additionally, the maximum excess working fee that can be paid for each personnel will be limited to 50 hours per month, and the number of personnel eligible for excess working fees will not exceed 40% of the total number of civil servants and contracted personnel in the provincial organization of the Revenue Administration. This provision will come into force at the beginning of the month following the publication of the regulation.
According to the amendment made to the Value Added Tax Law, the delivery of light commercial vehicles, trucks, vans, off-road vehicles, and motorcycles that the Ministry of National Defense, the Ministry of Interior, the Presidency of Defense Industries, and the Presidency of the National Intelligence Organization will acquire and use exclusively for national defense and internal security needs will be exempt from VAT.
Transfers and deliveries related to the sale of real estate owned by foundations under the General Directorate of Foundations and the managed foundations will also be exempt from VAT.
The Special Consumption Tax (SCT) calculated and secured for the import of goods listed in the attached list No. 1 of the Special Consumption Tax Law, including types of fuel and natural gas, will be included in the VAT base. This provision will come into force at the beginning of the month following the publication of the regulation.
According to the addition made to the provision regarding the exemption from all kinds of taxes, duties, and fees in the transactions related to the implementation of the Organized Industrial Zone Law, this exemption will not cover the bank and insurance transactions tax to be paid under the Expenditure Taxes Law.
