Export Proceeds, Summary Foreign Exchange Position, VERBIS, UTTS, MEVA, and MERSIS Transactions

Deadline for KVKK VERBIS notification is June 04, 2025

- Total assets in the 2024 balance sheet amounting to 100 million TRY and above

- Number of employees being 50 and above in more than half of the year 2024

Enterprises operating in fields such as medical centers, clinics, hospitals, medical imaging and diagnostic laboratories, pharmacies, aesthetic centers, and similar healthcare institutions, as well as public institutions, are required to file a VERBIS notification.

Those who fail to register and notify VERBIS may face administrative fines ranging from 272,380 TRY to 13,620,000 TRY.

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Deadline extended for UTTS

Deadline for installation on vehicles is June 30, 2025

Until this date, fuel receipts can be expensed as before (70%-30%); however, after this date, expenses cannot be claimed if fuel receipts do not contain the UTTS designation.

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Conditions for being subject to independent audit redefined

Enterprises that exceed at least two of the following three criteria for two consecutive periods shall be subject to independent audit in the subsequent period:

- Total assets of 300 million TRY

- Annual net sales revenue of 600 million TRY

- Number of employees of 150 individuals

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Amendment regarding the obligation to sell export proceeds to banks (until July 31, 2025)

The rate for converting export proceeds into TRY has been temporarily increased from 25% to 35%. This obligation applies to goods exports and is not enforced for service exports. There are exempt countries and no such obligation exists for amounts below 15 thousand USD.

Foreign currency conversion support has been temporarily increased from 2% to 3%. Foreign currency conversion support: Provided that companies commit not to purchase foreign currency for a period to be determined by the Central Bank during the sale of their foreign-sourced currencies to the Central Bank via banks, a foreign currency conversion support equal to 3% of the amount converted into Turkish Liras at the conversion rate is paid to the committed companies.

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Update on the summary foreign exchange position report

- The reporting period for the special foreign exchange position has been changed from monthly to quarterly.

- The cash loan volume threshold has been increased from 100 million TRY to 250 million TRY.

- The previous period net sales revenue or asset size has been increased from 500 million TRY to 1.5 billion TRY.

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Amendment in Investment Incentive application

Published in the Official Gazette dated May 30, 2025. Regulations published in 2012 and 2018 have been repealed.

- Investments made until the end of the year 2030 fall within the scope of this decree.

- Machinery support has been added among the support elements; 25% of the machinery cost will be paid to the investor for machinery purchases of 2 million TRY and above.

- The minimum investment amount has been increased 4-fold. The minimum investment amount became 12 million TRY in regions 1 and 2, and 6 million TRY in other regions.

- A sectoral and regional incentive system has been adopted.

- The investment contribution amount was capped at 50% and the tax reduction rate at 60%.

- Investments by holders of industrial registry certificates regarding earthquake and fire risks have been included in the scope.

- Investments under electricity generation and distribution will not benefit from the tax reduction.

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Amendment in the Regulation on Immovable Trade

- Immovable property owners and real estate businesses are prohibited from making unjustified price increases inconsistent with economic data.

- Ad-owning immovable property owners and real estate businesses will face administrative sanctions if they post misleading advertisements.

Obligations during the sale and rental processes of immovables have begun to be detected via the Spatial Data Analysis (MEVA) system. The Ministry of Finance closely monitors the MEVA system.

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New era in MERSIS transactions

- Transactions can be conducted using the e-government password.

- If companies wish transactions to be performed on their behalf by someone else, they will be able to authorize third parties through MERSIS.

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Council of State decision regarding meal cards

Social Security Institution (SSI) premiums will not be calculated over amounts paid for meals via meal cards.

The previously controversial issue has been clarified by the Council of State.

If the meal allowance is to be paid in cash, no SSI premium will be calculated for the portion up to 158 TRY, while the SSI premium will be calculated over the exceeding amount.

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Tax audits can be conducted electronically

With the regulation enacted:

- Electronic system tools can be used in tax audits.

- E-ledgers and documents can be submitted electronically, and these documents can be signed with an electronic signature.

- The audit report can be signed electronically.

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Hazard classes updated for certain NACE codes

The following NACE codes have been included in the hazardous class:

10.73.03 Manufacture of macaroni, noodles, couscous and similar farinaceous products

33.18.02 Repair and maintenance of military aircraft and spacecraft

53.20.09 Courier activities

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Amendments made in Road Transport legislation

- Those performing shuttle transportation with a D4 document must obtain S1 and S2 documents by the end of the year. The S1 document is for those transporting their own personnel, while the S2 document is for commercial shuttle companies.

- The P1 document is the urban freight transport document issued by the Ministry of Transport and Infrastructure to real and legal entities. This document is for intra-city transport, freight transport, and moto-couriers.

- Courier shipment: Goods transported in a single piece weighing a maximum of 30 kg and/or with a volume of a maximum of 300 cubic decimeters.

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Green passport for exports

Service exports based on the last 3 calendar years:

- Total exports between 1.5 million USD and 30 million USD … 1 passport

- Total exports between 30 million USD and 75 million USD … 2 passports

- Total exports between 75 million USD and 150 million USD … 3 passports

- Total exports between 150 million USD and 300 million USD … 4 passports

- Total exports exceeding 300 million USD … 5 passports

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Off-the-books payment of a portion of wages

If the employer shows the employee's wage at a lower amount instead of the actual amount:

- May receive a prison sentence from 18 months to 5 years for issuing misleading documents

- The employee may resign with the right to severance pay upon learning of this situation

- In the event of a reinstatement lawsuit, the employer shall pay a fine equal to 2 gross minimum wages for each month, as well as under-reported premiums and the delay penalty for these premiums.

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Child Allowance

- For the 1st child, a one-time payment of 5,000 TRY

- For the 2nd child, 1,500 TRY per month for 60 months

- For the 3rd child, 5,000 TRY per month for 60 months

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A support of 2,500 TRY per insured employee will be provided to enterprises operating in the textile, apparel, leather, and furniture manufacturing sectors.

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Notes

- When taking annual leave, the employee's wage for the days they will be on leave must be paid immediately prior to the leave, without waiting for the payday. Otherwise, the employee may make a justified termination and become entitled to severance pay.

- The employer is obliged to make the termination notification in writing. This notification must also state the reason for termination clearly and definitively.

- To receive sickness and medical report benefits, there must be at least 90 days of premium paid within the last 1 year. The SSI does not make payments for the first 2 days; payments start from the 3rd day. For maternity, report benefits are paid for 16 weeks, which is 112 days.

- If there is work exceeding 10 days per month within the scope of domestic services (cleaning, childcare, cooking, etc.), you can register multiple people in the same household as insured under the scope of “Easy-Employer-ship”. Workplace registration can be done via e-government by selecting the 9700.10 NACE code. Job entries and exits can also be made from here. There will be no need to submit a Premium and Service Document or a withholding tax return. If registered in the İŞKUR system beforehand without executing a job entry, SSI incentives can be utilized. If regular SSI payments are made, a 5% discount can be benefited from.

- A female employee who voluntarily resigns due to marriage can receive severance pay. The conditions for this are: she must have worked in the current workplace for at least 1 year, and the right must be exercised within 1 year from the official wedding date. This right is exclusively for women and does not apply to men. Even if a female employee enters into multiple marriages, she can receive this severance pay in each instance. If she remarries her divorced spouse, she can receive the severance pay again. In the case of resignation under these circumstances, she cannot receive notice pay or unemployment benefits.

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