Newsletter-21

397 TAX LAW of the parties, on the amounts that exceed the advantage granted by the related agreement, is abolished. Amendments on the Price of Agreements Subject to the Upper Limit of Stamp Tax: Pursuant to the amended regulation in the event of amendment on the price of an agreement that has been made subject to the upper limit of stamp tax 4 , no additional stamp tax shall accrue. Please note that such amendment shall not be applicable in the event of an amendment of the other terms of the agreement. Exemption on Foreign Exchange Acquisitive Transactions: Within the amendment made to Additional Article 2, the regulation concerning the scope and procedure of the exemption of exportation and other foreign exchange acquisitive transactions is included in the Law. In consequence of the critics regarding these exemptions being regulated under the communiqué 5 , the regulation has been included in the Law. Public Private Partnership Projects: The extension of services and activities of fully fledged tax payer firms that undertake facil- ity construction and maintenance works in public private partnership projects is granted through the amendment on Additional Article 2. Amendments on the Annexes of the Law: Additionally, Table Number I and Table Number II of the Law that regulate the papers that are subject to stamp tax, have been amended, considerably. Some of the important amendments for investors are as follows: • The scope of the exemption granted to real estate investment companies on real estate purchases and promise to sell agree- ments is extended to include real estate investment funds. • The scope of exemption that are granted to securities and repayments of loans provided by banks, foreign credit 4 The upper limit of stamp tax for 2016 is TRY 1,797,117.30. 5 For the Turkish version of Communique on Implementation of Stamp Tax Ex- emption on Foreign Exchange Acquisitive Activities (Serial No. 1) please see: http://www.mevzuat.gov.tr/Metin.Aspx?MevzuatKod=9.5.8457&MevzuatIliski =0&sourceXmlSearch=d%C3%B6viz%20kazand%C4%B1r%C4%B1c%C4%B 1(Access Date: 18 August 2016).