Regulation on the Repatriation of Export Proceeds

Communiqué No. 2018-32/48, issued by the Ministry of Treasury and Finance, sets out the procedures and principles for repatriating export proceeds.

Under the communiqué, which remains in effect for six months from its entry into force:

• Proceeds from exports by persons resident in Türkiye must be transferred or brought directly, without delay, to the bank acting as intermediary for the export following payment by the importer. The proceeds must be repatriated within 180 days of the actual export date, and at least 80% must be sold to a bank.
• Exports against advance foreign currency payments must be completed within 24 months. For exports, sales and deliveries deemed exports, and foreign currency earning services and activities covered by an inward processing authorization certificate or a tax, duty and fee exemption certificate, advance foreign currency payments may be used throughout the certificate’s validity period, including extensions.
• Advance foreign currency payments that are not refunded in full in a single payment, or for which the export is not completed within the prescribed period, become subject to prefinancing provisions. If the export commitment period is extended under the relevant legislation, the period for using such payments is also deemed extended by the same period, provided the buyer consents.
• Proceeds from exports abroad by contracting companies must be repatriated and sold to a bank within 365 days.
• Exporters are responsible for repatriating the proceeds of exported goods, selling them to banks and closing the export account within the prescribed periods.
• Intermediary banks must report export accounts that are not closed on time to the relevant Tax Office Presidency or Tax Office Directorate in writing within five business days, specifying the stages of the transaction.

The full text of the communiqué is available through the Official Gazette link below.

Official Gazette