PAYMENT OF TAXES THROUGH PUBLIC BANKS BY THE TURKISH COMPANIES WITH FOREIGN CAPITAL

 Further to our previous Newsletter dated 12 December 2019 regarding the tax collection through public banks, we have been provided with the information regarding the new practice on opening bank accounts in public banks by the Turkish companies having foreign partners. 

As per the information, in cases where the Turkish company with foreign investment opens a bank account in a Turkish public bank, TRY 30,000.- shall be deposited into the bank account to be opened. This amount of TRY 30,000.- will be blocked by the bank for three (3) months. Any amount deposited above this amount can be spent as soon as the account is opened. 

For your kind information; in practice, some public banks’ branches do not proceed with the aforesaid blockage, if the Turkish company with foreign investment undertakes to use the relevant bank account actively. 

This Newsletter aims to provide our valuable clients with a general information regarding the current news collected from officials of the Turkish public banks in respect of the payment of taxes through public banks by the Turkish companies having foreign partners. Hence, please note that we could not reach the relevant legal regulations and we have not been provided with the relevant legal basis from the official authorities in Turkey about this subject yet. We have made the relevant application to the Turkish Banking Regulation And Supervision Agency (“BRSA”, in Turkish, “Bankacılık Düzenleme Ve Denetleme Kurumu”, “BDDK”) in this respect. 

We will inform you as soon as we have an official reply from BRSA/ BDDK to our above-mentioned application. 

Our Law Firm remains at your disposal for any further clarifications you may need.