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Turkey

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Turkey's Banking and Insurance Transactions Tax Extended to Forex Sales

Presidential Decree No. 1106 of 15 May 2020 extended the scope of application of Turkey's banking and insurance transactions tax (BITT) to forex sales, unless specifically exempt, at the rate of 0.1% (officially one per thousand percent). The tax is payable by the forex seller including typically banks, exchange agents, and brokers, and is due on the value of the transaction. Forex sales were originally within the scope of BITT but were removed from the scope of application of the tax in 2008. The following transactions remain outside the scope of the tax:

  • Inter-bank forex trades (including trades between exchange offices);
  • Forex sales to the Turkish Ministry of Finance and Treasury; and
  • Forex sales by the lending or intermediary banks to corporate borrowers owing foreign currency loans, for the purposes of loan repayment.

The provisions of the Decree are applicable from the date of publication in the Official Gazette, i.e. 15 May 2020.

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