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:
The provisions of the Decree are applicable from the date of publication in the Official Gazette, i.e. 15 May 2020.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.