Turkish Economy

  As of November 30, 2024, Turkey’s Revenue Administration enforces updated cash transaction rules under Tax Procedure Law General Communiqué No. 575 (Official Gazette No. 32738). These regulations, effective now, set a 30,000 TRY threshold for cash payments and collections, impacting businesses and international transactions. Here’s what you need to know today. Current Rules Threshold: Payments or collections over 30,000 TRY must go through banks, electronic payment platforms (e.g., PayTR, iyzico), or postal services—no cash allowed. Same-Day Totals: Multiple transactions with one entity exceeding 30,000 TRY in a day require financial institution documentation for amounts above the limit. Penalties: Non-compliance triggers fines up to 5% of the transaction value per party (buyer and seller), per Turkey’s Tax Procedure Law Art. 355, with a minimum fine of 2,500 TRY in 2025 (adjusted for inflation—source: Deloitte Turkey Tax Updates, Jan 2025). Foreigners and Non-Residents ...