Period for the requirement of bringing back export proceeds to Turkey extended by 6 months.

The temporary requirement of bringing back export proceeds to Turkey (for 6 months as of the effective date) was introduced through the Communique no. 2018-32/48 published in the Official Gazette dated 4 September 2018.

Accordingly; the proceeds obtained through export transactions performed by the residents in Turkey should be brought or transferred to the intermediary bank directly and without delay, following the importer’s payment. The period for bringing back the proceeds into the country cannot exceed 180 days as of the actual date of export. At least 80 % of the aforementioned proceeds should be changed at a bank.

The Communiqué which was proposed to be valid for 6 months from the effective date had been enacted as of its publication date (4 September 2018). 

Our explanations on the aforementioned implementation were provided within our Circular no.092 dated 4 September 2018.

Through the Communique no. 2019-32/48 published in the Official Gazette dated 3 March 2019 and enacted as of the same date, the wording of “6 months” within the Communique is changed as “1 year”. So, validity period of the Communique no. 2018-32/48 imposing the requirement of bringing back the export proceeds within 180 days as of the actual date of export and changing at least 80 % of them at a bank and identifying the procedures and principles for the implementation has been extended by 6 months.