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Turkey defines Banking and Insurance Transaction Tax rate as 0% for FX sales to entities with industrial registration certificate and members of Exporters’ Association

Through Turkey’s Presidential Decision no. 1106, published in the Official Gazette dated 15 May 2019,1 the Banking and Insurance Transaction Tax (BITT) to be calculated over the sales amount in foreign exchange (FX) transactions was determined as 1 per thousand.

Further to this determination, through Presidential Decision no.1149, published in the Official Gazette dated 17 June 2019, the BITT rate to be calculated over the FX sales indicated below has been decreased to 0%:

  • FX sales to entities with an industrial registration certificate (industrial enterprises)
  • FX sales to exporters who are members of Exporters’ Association

The provisions of the Presidential Decision entered into force on the date of publication (17 June 2019).

Endnotes

1. See EY Global Tax Alert, Turkey increases Banking and Insurance Transaction Tax for foreign exchange transactions 

Download this Tax Alert as a PDF file.

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