About airline companies making transactions with foreign exchange.

QUESTION

…I’m working for an airline company. In accordance with article 17 of the notice published on 6th of October 2018 regarding the decision numbered 32 about Protection of the Value of Turkish Currency, can we accept all purchase agreements in foreign currency except for real estate selling, leasing and labor agreements without considering if the service provider abides by the exceptions?

(13.11.2018 12:18)

ANSWER

We think that you can make transactions in foreign currency.

Source: Ismmo
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

QUESTION 

…I’m working for an airline company. In accordance with article 17 of the notice published on 6th of October 2018 regarding the decision numbered 32 about Protection of the Value of Turkish Currency, can we accept all purchase agreements in foreign currency except for real estate selling, leasing and labor agreements without considering if the service provider abides by the exceptions?
(13.11.2018 12:18)

ANSWER
We think that you can make transactions in foreign currency.

Source: Ismmmo
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

DECISION ON MAKING CHANGE IN THE DECREE NUMBERED 32 REGARDING PROTECTING VALUE OF TURKISH CURRENCY

ARTICLE 1- Below article is added in the article numbered 4 of the decision of protection of the value of Turkish currency law; decree numbered 32 and published on 7/8 /1989.

“g) Inhabitants of Turkey are not allowed to agree upon in foreign currency or foreign currency indexed prices when they come to an agreement inter se on selling and purchasing property, property renting, including vehicle renting, leasing, except for the situations outside of the ministry’s decision.

ARTICLE 2- the Provisional article is adding the same decree.
“Provisional Article 8- Within thirty days beginning from this decree’s 4th article, ((g) decree) coming into force, amounts that the parties came to an agreement on foreign currency in the agreements mentioned in this decree, are determined by the new law as Turkish currency, (lira) except for the situations outside of the ministry’s decision. “

ARTICLE 3- This decree comes into force on its date of issue.

ARTICLE 4- This decree is executed by the ministry of finance and the department of treasury.

Source: The Protection of the value of Turkish Currency
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

1- HOW DISCOUNT MADE IN THE BUSINESS PROVIDING SERVICE WITH FOREIGN COUNTRIES IS CALCULATED?
Except for the support stuff of employers providing services with foreign countries within the context of Income Tax Law no.89 and the 10^th article of Corporate tax law no.5520 published on 13^th June of 2006, discount is entered in an account from
1.1- From employees especially employed for this transactions,
1,2- From the tax calculated over subsistence allowance application,
1.3– In case that employer collects %85 of his revenue from foreign countries,
1.4- On the condition that invoice or similar documents is issued on behalf of the customer in foreign country,

For every employee, minimum wage’s amount is multiplied with the rate of first tax band in the article 103 of Income Tax Law.

2-HOW DISCOUT IS MADE?
Discount is made;
2.1- If the above mentioned statements are met.
2.2-  Annual Revenue is calculate over;
2.3- taxation period of the Corporate tax law.

Source:Income Tax Law
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.