The bill containing regulations regarding the economy is in the Turkish Grand National Assembly

The "Law on the Protection of the Value of the Turkish Currency and the Proposal for Amendments to Certain Laws," which includes regulations related to the economy, was approved by the Turkish Grand National Assembly and became law. The law grants the President the authority to buy and sell foreign currency, precious metals, stones, and similar assets, as well as to regulate import and export transactions. It also paves the way for new decisions to protect the value of the Turkish currency.

If the said act of taking all the goods and valuables out of the country or bringing them into the country without permission does not constitute a crime or misdemeanor according to the provisions of the Law on Combating Smuggling, the person will be punished with an administrative fine of half to twice the market value of the goods and valuables; if this act remains at the stage of attempt, the penalty will be reduced by half.

Those who engage in unauthorized activities without obtaining the necessary permits or documents in matters requiring an activity permit or authorization certificate will be subject to an administrative fine ranging from 50,000 to 250,000 Turkish Lira, and all activities at the workplace where the unauthorized activity occurred will be suspended for one month. If the unauthorized activity recurs within five years of the date the administrative sanction decision regarding the administrative fine becomes final, the administrative fine will be applied at the maximum limit. If it appears from the advertisements and announcements of those engaged in the unauthorized activity, or from the nature of their work, that they opened or operated the workplace solely for the purpose of engaging in activities requiring an activity permit or authorization, all activities at the workplace in question will be permanently suspended, and the administrative fine will be applied at the maximum limit. Suspensions will be carried out by governorates upon the request of the Ministry of Treasury and Finance.

On the administrative fine to be imposed, a delay interest will be applied, to be collected together with the fine, at the rate of the delay interest determined in accordance with the Law on the Procedure for Collection of Public Receivables for the periods between the date of the misdemeanor and the date of collection.

In case of recurrence of the misdemeanors included in the provision within 5 years following the date on which the administrative sanction decision regarding the same misdemeanor becomes final, the penalties to be imposed will be doubled.

FEE SCHEDULES FOR OPERATING PERMITS

The law amends the aforementioned law in accordance with the Constitutional Court's annulment decision. According to the provision, which lists the activities requiring permission from the Ministry of Treasury and Finance, it will be mandatory to obtain permission from the Ministry for activities related to foreign exchange trading for commercial purposes, as a member of the Borsa Istanbul Joint Stock Company's Precious Metals Market, for activities related to precious metal refining, and for activities within the scope of the Kimberley Process Certification System, which was decided to be a part of by a Council of Ministers decision.

The Ministry of Treasury and Finance will be authorized to cancel the licenses of joint stock companies authorized by law and legislation if it is determined that they are engaged in activities contrary to the determined economic purposes and subjects, and to determine the activity areas for companies that engage in foreign exchange trading for commercial purposes, taking into account criteria such as the size of the provinces and districts where they operate, their population, and the volume of trade and tourism.

The fee schedule for joint stock companies subject to operating permits under the Law to engage in foreign exchange trading for commercial purposes, as well as the fee schedules for operating permits to be granted to operate in precious metals as members of the Borsa Istanbul Joint Stock Company Precious Metals Market, and for operating permits to be granted to engage in precious metal refining activities are regulated.

For permits for the transfer of shares of joint-stock companies designated for commercial foreign exchange trading, membership in the Borsa Istanbul Joint-Stock Company's Precious Metals Market, and precious metal refining activities, the fee specified in the relevant tariffs will be collected separately in proportion to the shares to be transferred. If the joint-stock company granting the share transfer permit holds more than one operating permit specified in this regulation, the fee specified in the relevant tariff for each operating permit will be collected separately in proportion to the shares to be transferred. No fee will be charged if the shares to be transferred are inherited, if the share transfer results from a court decision, or if the transferee is the spouse, descendant, ancestor, or sibling of the existing shareholder.

Fees collected under this provision will be deposited with the tax authorities. Fee amounts will be increased annually, effective from the beginning of the calendar year, by the revaluation rate determined and announced in accordance with the provisions of the Tax Procedure Law for the previous year. In collecting the fees specified in the fee schedules under this regulation, the fee in effect as of the first application to the Ministry of Treasury and Finance will be taken into account. The President will be authorized to increase the amounts in the fee schedules by up to two-fold and reduce them by up to half.

OVERTIME REGULATIONS

According to the amendment made to the Tax Procedure Law, in cases where the attendance slip is prepared electronically within the scope of the electronic attendance slip, including coordinate-based location information and photographs of the place where the attendance was held, the signature of the police, gendarmerie, muhtar (headman) or members of the council of elders will not be required.

According to the law, the indicator number of 160 used in determining the overtime pay to be paid for each hour worked by civil servants and contract personnel in cadres or positions within the provincial organization of the Revenue Administration (GİB) who are assigned to carry out enforcement, collection, inspection, and widespread and intensive tax auditing operations outside the office and who, due to these duties, actually work outside of normal working hours, will be increased from 160 to 300. In addition, the overtime pay that can be paid to each personnel will not exceed 50 hours per month, and the number of personnel eligible for overtime pay will not exceed 40 percent of the total number of civil servants and contract personnel in cadres and positions within the provincial organization of the Revenue Administration (GİB). This provision will enter into force at the beginning of the month following the publication of the regulation.

According to the amendment to the Value Added Tax Law, the delivery of light commercial vehicles, trucks, pickup trucks, off-road vehicles in the pickup truck group, and motorcycles that will be purchased and used exclusively for national defense and internal security needs by the Ministry of National Defense, the Ministry of Internal Affairs, the Presidency of Defense Industries, and the Presidency of National Intelligence Organization will be exempt from VAT.

Transfers and deliveries related to the sale of real estate owned by foundations under the General Directorate of Foundations and registered foundations managed by this institution will also be exempt from VAT. The Special Consumption Tax (SCT), calculated and guaranteed on the import of goods, including fuel and natural gas, listed in List 1 annexed to the Special Consumption Tax Law, will be included in the VAT base. This provision will enter into force at the beginning of the month following the publication of the regulation.

According to the addition made to the provision regarding the exemption of the Organized Industrial Zone legal entity from all taxes, duties and charges in transactions related to the implementation of the Organized Industrial Zones Law, this exemption will not include the bank and insurance transaction tax to be paid in accordance with the Expenditure Taxes Law.

According to the amendment to the Law on Public Officials' Unions and Collective Agreements, no administrative or financial prosecution or trial will be initiated against the authorized or responsible persons of public institutions and organizations that provide clothing aid, protective clothing aid, protective clothing materials, protective equipment materials to public officials until May 31, 2025, provided that the subject matter does not constitute a crime, in violation of the procedures and principles of collective agreements signed in accordance with the provisions of the Law and the decisions of the Public Officials Arbitration Board, and those that have already started will be removed from the process.