Repatriation of Export Proceeds and Legal Consequences of Non-Compliance
I. Introduction For companies and enterprises resident in Turkey, export transactions are not limited solely to the completion of customs exit. Pursuant to Law No. 1567 on the Protection of the Value of Turkish Currency, the framework of Customs Law No. 4458, and the Export Circular of the Central Bank of the Republic of Turkey dated 16.01.2020; export proceeds must be brought into the country within the procedures and timeframes prescribed by the legislation. Furthermore, the collection related to the relevant export transaction must be certified through the banking system to ensure the “closing of…
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