Foreign exchange left to the free use of the exporter
ARTICLE 22 – (1) In export transactions of services, transit trade, sales made with special invoices to non-residents of Turkey, sales made by calculating VAT to non-residents of Turkey, micro exports and free zone transaction forms, the entire amount of the amount not exceeding 5,000 US dollars or equivalent foreign currency or Turkish lira, and in export transactions to countries listed in Annex 3, fifty percent of the amount is free to be used.
(2) In exports made according to CFR and CIF delivery methods, freight and insurance costs and rental costs obtained within the framework of financial and commercial leasing contracts that the lessee does not have the right to purchase are considered as service costs in foreign exchange.
Accounting record example to be made by a company in Turkey
______________________ / ______________________
120 BUYERS
601 FOREIGN SALES
Explanation: Sales Invoice
______________________ / ______________________
______________________ / ______________________
102 BANKS
… Bank abroad
120 BUYERS
Explanation: Collection of receivables from foreign customers
to a foreign bank account
______________________ / ______________________
Source: Istanbul Chamber of Certified Public Accountants
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