ANNOUNCEMENT 11 Jan 2012

On 11 January 2012, the government of Turkey exempted the imports of electrical energy from the Resource Utilization Support Fund (RUSF) surcharge and terminated the collection of RUSF on international loans used to finance the import of electric energy.

 

NUMBER OF INTERVENTIONS

2

  • 0 harmful
  • 0 neutral
  • 2 liberalising

SOURCE

Official Gazette of Turkey, Council of Ministers Decree on Resource Utilization Support Fund. Kaynak Kullanımını Destekleme Fonu Kesintileri Hakkında Karar No 2011/2519. Available at: http://www.resmigazete.gov.tr/eskiler/2012/01/20120111-1.htm

Inception date: 11 Jan 2012 | Removal date: open ended

Internal taxation of imports

On 11 January 2012, the government of Turkey exempted the imports of electrical energy from the Resource Utilization Support Fund (RUSF) surcharge through the Council of Ministers Decree No. 2011/2519. As a result of this Decree being issued, the import of electric energy that previously paid the RUSF surcharge of 6%, is exempted from this surcharge.

RUSF deduction is a tax obligation collected on certain transactions having a credit facility element. RUSF is collected from consumer loans, international loans and import with credit. Import with cash on delivery, import with acceptance credit, and import with the deferred payment letter of credit are regarded as import with credit and subject to RUSF deduction. 

 

AFFECTED SECTORS

 

AFFECTED PRODUCTS

 
Inception date: 11 Jan 2012 | Removal date: open ended

Controls on credit operations

On 11 January 2012, the government of Turkey terminated the collection of the Resource Utilization Support Fund (RUSF) on international loans used to finance the import of electrical energy through the Council of Ministers Decree No. 2011/2519. RUSF ratio is 3% on international loans.

RUSF deduction is a tax obligation collected on certain transactions having a credit facility element. RUSF is collected from consumer loans, international loans (loans from foreign sources) and import with credit. The amount of the surcharge depends on the currency denomination and the maturity of the loan.

 

 
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