STAMP DUTY OF THE CONTRACTS THE PRICE OF WHICH SHALL BE CONVERTED INTO TURKISH LIRA AS PER THE PRESIDENTIAL DECREE NO.85

According to the Circular on Stamp Duties No. DV-22/2018-1 issued on 22 November 2018 by the Revenue Administration at the Ministry of Treasury and Finance and published on the official website of the said Authority (http://www.gib.gov.tr/node/132647), no stamp duty shall be arisen from any executed contract while converting its amount from the foreign currency into Turkish Lira as per the provisions of the Presidential Decree numbered 85, if all of the following conditions are met:

• There shall be no changes in the contract (such as the parties to the contract, extention of the term of the contract or change of the scope of the contract, etc.), other than the contract price converted into Turkish Lira;

• The total amount of the contract price shall not exceed the amount to be found by multiplying the amount in foreign currency in the initial contract with the foreign exchange selling rate of the Central Bank of the Republic of Turkey valid on the date of issuance of the amendment agreement;

• There shall be a reference to the initial contract in the amendment agreement.

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