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Turkey

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Turkey Increases Banking and Insurance Transactions Tax on Foreign Exchange Transactions

Turkey's Revenue Administration has announced the publication of Presidential Decree No. 2568 of 23 May 2020. The Decree provides that the banking and insurance transactions tax (BITT) rate for foreign exchange transactions is increased to 1.0% on the sales amount, although a 0.0% rate applies for the following foreign exchange transactions:

  • Foreign exchange sales between banks and authorized establishments among themselves or to each other;
  • Foreign exchange sales to the Ministry of Treasury and Finance;
  • Regarding the payment of foreign currency loans, the foreign exchange sales made to a loan debtor by a bank using or intermediating the use of foreign currency loans;
  • Foreign exchange sales to enterprises with industrial registration certificates; and
  • Foreign exchange sales to exporters who are members of Exporters' Unions.

The Decree entered into force on 24 May 2020.

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