New rules for IFC participants

Participants operating in the Istanbul Finance Center (IFC) will be able to conduct their accounting transactions in foreign currencies starting from 2025.

The "General Communiqué on the Tax Procedure Law," which was prepared by the Revenue Administration of the Treasury and Finance Ministry, entered into force after being published in the Official Gazette.

According to the communiqué, participants operating in the IFC are allowed to keep their books in foreign currency.

According to the ministry, the IFC, which was established with the aim of making Türkiye's financial infrastructure more efficient and contributing to the establishment of a global and regional sustainable financial environment, has started to include many financial institutions of different quality since its establishment.

In this context, in order to maintain this vision, the ministry was authorized by Article 7 of the Istanbul Financial Center Law to regulate the participants in the region to keep books in foreign currency.

Aiming to ensure that the IFC contributes more to the economic growth by improving the financing and investment opportunities in the region, the ministry issued the regulation allowing the participants operating in the region to keep books in foreign currency with the aforementioned communiqué.

According to the regulation, the participants who are exclusively engaged in the export or transit trade of financial services in the region may keep their books in any foreign currency whose exchange rate is determined daily by the Central Bank of the Republic of Türkiye starting from 2025.