Recent development
The Turkish Council of Ministers amended the Decree No. 32 on the Protection of the Value of Turkish Currency, effective from 3 July 2017.
Overview of the Amendment
- The amendment allows companies that export standard or non-standard unprocessed precious metals to enjoy tax advantages by making a request to the Republic of Turkey Ministry of Economy (the “Ministry”). These requests shall be evaluated and concluded by the Ministry.
- Turkish-resident persons may enter into leveraged transactions (including CFD contracts) or derivatives that are determined to be subject to the same legal framework as leveraged transactions (“Transactions”) only through intermediaries that are licensed by the Capital Markets Board of Turkey (the “CMB”).
Conclusion
With the amendment, the Turkish Council of Ministers aims to prevent unauthorized capital markets activities. In addition, the amendment provides export companies with facilities designed to increase exports of precious metals.
