On May 25, TUR GVT increased fees for precious metal intermediaries.
TUR GVT issued regulation on amending the regulation on fees to be collected within the scope of law no. 1567 on the protection of the value of turkish currency.
Document dated May 25, 2024, was added on Jun. 3, 2024 due to editorial backfill.
Overview
Amendments are made to Law 1567 on the Protection of the Value of Turkish Currency.
Fee for refineries' operating permit applications is increased to 28mn lira from 8mn.
Separate operating permit applications must made for gold, silver, platinum and palladium mines and a separate fee is charged for each operating permit application.
A fee of 20mn lira is charged for operating permit applications of precious metals intermediary institutions and organizations; a fee applies to applications for share transfer permission of precious metals intermediary institutions and organizations.
However, no fee is charged if the shares in question are transferred by inheritance, or if the share transfer results from a court decision, or if the person who will inherit the shares is the descendant or superior of the current shareholder.
Precious metals intermediary institutions are charged 350k TL for each calendar year as an annual usage fee of KMAKBS; annual usage fee is paid in Jan. the following year.
Fees will be recalculated each year and will be published on the Ministry's website.
Transitional provisions apply to permit applications made before amendments applied.
Effectiveness
Regulation shall enter into force on the date of its publication; however, the 350k annual usage fee of KMAKBS shall not be implemented until the day following the announcement on the Ministry's website that KMAKBS has been put into operation.
Dec. 2024 Increased Fees
On Dec. 9, 2024, TUR GVT announced fee amounts regulated by the regulation on fees to be collected under the law 1567 on the protection of the value of Turkish currency.
Due to the 2024 revaluation rate of 43.93%, permit fees changed as of Jan. 1, 2025.
Regulators
TUR GVT
Entity Types
B/D; Exch; OTC
Reference
PR, 12/9/2024; OG, 32556, 5/25/2024; Law 1567, OG 31626, 10/12/2021
