The Banks Association of Türkiye(“TBB”) published the December 2024-Turkey Financial Sector Payment Systems Report (“Report”) on 07.03.2025 on the TBB website. The Report contains comprehensive data on payment systems in Türkiye and the number and amounts of transactions made with payment instruments. In addition, non-branch channel-based data and selected items related to the nature of...

An amendment was made to the Export Circular by the Ministry of Treasury and Finance with a letter dated January 3, 2022 and put into practice with Additional Article 1, regarding the sale of export proceeds to the Central Bank of the Republic of Turkey (“TCMB”) within the scope of the Ministry’s letter dated February...

The Ministry of Treasury and Finance (Revenue Administration) has abolished the practice of cash VAT refunds for deliveries subject to a discounted rate within the year within the framework of the authority granted to it by the Value Added Tax Law. The regulation regarding the subject was made in the VAT Implementation General Communiqué No....

The Ministry of Treasury and Finance, using the authority granted by the Tax Procedure Law, has decided not to apply inflation adjustment in provisional tax periods in 2025. The decision of the Ministry was included in the General Communiqué on Tax Procedure Law No. 582 published in the Official Gazette on 15 February 2025. Accordingly;...

On 03.01.2025, the Personal Data Protection Authority of Türkiye (“Authority”) published on its website the amounts of the Administrative Fines regulated in Article 18 of the Turkish Personal Data Protection Law No. 6698 (“Law No 6698”) increased by the revaluation rate determined and announced for the years 2017-2025 in accordance with the provisions of the...

As a result of the amendments dated 02.03.2024 to the Law No. 6698 on the Protection of Personal Data(“Law No. 6698”) an Information Note on the Implementation of Misdemeanors in Terms of Time within the Scope of the Amendments to the Law No. 6698 on the Protection of Personal Data dated 02.03.2024 has been prepared...

On February 5, 2025, the Personal Data Protection Authority (“Authority”) published the Public Announcement on Matters to Be Considered in Standard Contracts for the Transfer of Personal Data Abroad (“Announcement”) on its website. The Announcement contains the Authority’s guidance regarding certain events encountered in submissions for Standard Contracts to the Authority. In the Announcement, the...

The Personal Data Protection Authority (“Authority”) published The Guidelines on the Banking Sector Best Practices on the Protection of Personal Data (“Guideline”) on the Authority’s website on 08.01.2025. The Guideline has been updated by taking into account the changes in the Law No. 6698 on the Protection of Personal Data (“Law”) regarding the Transfer of...

The amendments published in the Official Gazette on December 25, 2024, covers the following legislation: Regulation on Measures Regarding the Prevention of Laundering Proceeds of Crime and Financing of Terrorism Regulation on Compliance Program for Obligations Related to the Prevention of Laundering Proceeds of Crime and Financing of Terrorism Regulation on Procedures and Principles Concerning...

The Guidelines for International Transfer of Personal Data cover almost every aspect of international data transfers, with key highlights as follows: Territorial Scope: The law’s territorial scope will be interpreted based on the principle of “effect” rather than “territoriality.” In other words, the law will apply if data subjects residing in Turkey are “affected.” How...