The Amendments on the Circular on Capital Movements-III
Articles 21 and 40 (Loans that do not require foreign currency income) of the Circular on Capital Movements were amended by the letter of Republic of Turkey, Ministry of Treasury and Finance dated 16.02.2021 and numbered 101057.
With the introduction of the amendment, the issue has been clarified by stipulating the condition of taking over the unlicensed production facilities as a whole, in order to extend foreign currency loans to the legal entities who have taken over the unlicensed production facility shares.
An obligation to submit a copy of Turkish Trade Registry Gazette where the share transfer was announced or a notarized copy of the relevant pages of the share ledger regarding share transfers, to the intermediary bank is imposed in order to utilize a loan within this scope.
- Please find the Turkish version of the updated text of the Circular here.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.