Iraqi Dinar Discussion Board

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Treasury support to exports to Iraq
The New Anatolian - [11/02/2007]


After the petroleum products crisis between Turkey and Iraq, the Treasury decided to support the companies exporting to Iraq. Until December 31, 2007, the companies exporting to Iraq will be allowed to bring in without declaration the foreign exchange earned via the sales to Iraq up to 100 thousand dollars.
The communiqué of the Turkish Treasury has been published in the Official Gazette. The communiqué, which makes some changes in the decision on The Maintenance of the Value of the Turkish Lira, announces that the companies exporting to Iraq will not have to declare the bringing in of the foreign exchange earned via the sales to Iraq up to 100 thousand dollars if it is in cash. The communiqué says that the companies that bring the foreign exchange to Turkey effectively will not make any declaration until December 2007.
The Treasury stated that some of the arrangements of the communiqué published in the Official Gazette are as follows:
-Taking into consideration the unrestraint of the other types of transfers and the complexity of the bureaucracy that the banks and companies face, importation committal accounts prosecutions are abolished.
-Regarding the loans taken from abroad, the loan agreement presentation appearing in the Capital Movements Notice of the Central Bank and the arrangements regarding the loans to be used without bringing to Turkey have been turned into communiqué decisions due to the arose of some problems in implementation.
-Arrangements on the prosecution of the companies with Turkish participation abroad have been made.
-Taking into consideration the developments in the banking sector, the regulation permitting the Turkish residents to set off the exportation compensation to the capital of the companies or offices that are to be established abroad, instead of transferring it as cash capital transfer to abroad has been cancelled.
-Personal capital movements are defined taking into consideration the OECD and EU codes.
-In the regulation regarding the Law on Foreign Direct Investments, no decision on the subject is mentioned due to the fact that the law encloses all companies including partnerships.
-In accordance with the regulations introduced by the decision, the practice which permits the resident people in Turkey (especially the banks) to make license and agency contracts with credit card institutions having foreign residency is amended.
-An article which authorizes the Treasury to gather information from the relevant private and public institutions and contribute to the information sharing and coordination among those institutions is added to the notification. The aim of the given article is to improve and support the overseas construction services for national benefits.