ANNOUNCEMENT 17 Jun 2019

The Government of Turkey exempted exporters and industrial producers from Banking and Insurance Transactions Tax imposed on foreign exchange transactions.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE

Official Gazette of Turkey, Presidential Decree no. 1149. Banka ve Sigorta Muameleleri Vergisi Nispetlerinin Tespiti Hakkındaki Bakanlar Kurulu Kararında Değişiklik Yapılmasına İlişkin Karar (Karar Sayısı: 1149). Available at: http://www.resmigazete.gov.tr/eskiler/2019/06/20190617-1.pdf

Inception date: 18 Jun 2019 | Removal date: open ended

Controls on commercial transactions and investment instruments

On 17 June 2019, the Government of Turkey amended Banking and Insurance Transactions Tax (BITT) rates imposed on foreign exchange transactions. With this regulation, foreign exchange sales to exporters who are registered to Exporters Union and companies possessing Industry Registry Certificate are exempted from this tax. 

Previously, on May 15, 2019, the Government of Turkey imposed 0.1% BITT rate to all foreign exchange sales (See related act). 

Regarding this measure, President Erdogan said: “We preserve our exporters from being adversely affected by the measures taken to prevent from foreign exchange speculations.”

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A