Change made to bank regulation for payments exceeding 7,000 TL: New amount 30,000 TL

A change has been made to a regulation requiring payments for purchases exceeding a certain amount to be processed through banks or financial institutions. The Ministry of Treasury and Finance and Gelir İdaresi Başkanlığı (Revenue Administration) published an amendment to the Tax Procedure Law General Communique in the Official Gazette, making it effective immediately.

Previously, payments for purchases exceeding 7,000 Turkish Lira had to be made through banks or financial institutions. This threshold has now been raised to 30,000 Turkish Lira.

Additionally, the amendment includes changes to transactions involving foreigners and individuals without Turkish residency.

It now requires payments to and from such individuals to be processed through financial intermediaries. However, the requirement to include a copy of the passport with invoices has been lifted, although the passport number must still be included on invoices. Moreover, there is no longer a requirement to deposit the collected amounts into financial institutions by the end of the first business day following the payment.