Published in the Official Gazette: The era of cash payments has ended! Mandatory requirement introduced for amounts above this figure

The Ministry of Treasury and Finance's General Communiqué on the Tax Procedure Law has been published in the Official Gazette.

According to the decision, a mandatory requirement has been introduced for all types of collection and payment transactions exceeding 7 thousand liras to be conducted through banks and financial institutions.

On the other hand, individuals who are not taxpayers will also be required to conduct their collections and payments exceeding 7 thousand liras related to purchases from those subject to the documentation requirement through intermediary financial institutions. Separate penalties will be applied to parties who do not comply with the documentation requirement.

If collections and payments exceeding 7 thousand liras are made to the account of the collector by personally visiting the branches of intermediary financial institutions and including descriptions of the transaction, the documentation requirement will be considered fulfilled.

If a person who does not have any bank account or credit card fulfills the payment for goods or services purchased by going to a branch of the bank where the seller's account is held, including descriptions of the transaction, and receiving a bank receipt in return, the documentation requirement will be considered fulfilled and no penalty will be applied.

If a person who does not have any bank account or credit card purchases a product for more than 7 thousand liras, and the seller receives this money in cash and later deposits it into their own bank account, the documentation requirement will be considered unfulfilled in this case, and separate penalties will be applied to both the buyer and the seller.

News Source: 12punto