The communiqué published by the Ministry interprets the
corporate tax exemption for currency protected deposits with the
Law No. 7352 in a very narrow perspective and the exemption granted
by the law has more or less been abolished.
Distinguished Fortune readers, in this issue, I would like to
share with you my evaluations regarding the corporate tax exemption
to be applied to the earnings obtained from the conversion of
foreign currency and gold accounts into Turkish lira deposit and
participation accounts.
In the last quarter of last year, with the Central Bank lowering
the policy rate, the fluctuation in exchange rates that started to
increase more and more. In order to stop this decrease in the value
of the Turkish lira and the tendency towards foreign currencies,
exchange-protected deposit arrangements were made. This regulation,
which was originally made for real persons, was later expanded to
include foreign accounts of legal persons and real and
