As reported to the press on March 3, 2020, customs and import duties may be collected only through public banks as of March 21, 2020. With the given amendment, the monopolistic status of the state-owned banks in terms of tax collection has been strengthened.
As is known, as stated in the Announcement dated January 15, 2019 of the Revenue Administration, it has been decided that the taxes, fees, penalties and other receivables which are being followed and collected by the tax offices, can only be collected by the public banks and PTT as of January 1, 2020, in addition to the pay desks of the tax offices.
As part of the dissemination of this practice, the taxes (e.g. customs duties, VAT), funds, fees and similar obligations to be levied on imports from March 21, 2020, according to a letter sent by the Ministry of Trade to the banks, can only be paid to the public banks.
In addition to the said development, the period of holding this resource by the public banks will be reduced from 3 days to 1 day and then, will be transferred to the Treasury’s account.
By this means, additional income will be provided to the public banks, namely Halkbank, Vakıfbank and Ziraat Bank, as well as to reduce the borrowing costs of the Treasury.
You can contact us for further information and to take advantage of our advocacy and consulting services. You can find detailed information about our office’s work on Banking and Finance Law, International Trade and Customs Law and Administrative and Tax Law on our website.
Uçar Law & Consultancy Office