Council of Ministers Resolution no. 2012/4116 which has made amendments to various tax rates was promulgated in the Official Gazette dated 01 January 2013.
As per the Article 11 of the above mentioned resolution, Resource Utilization Support Fund (“RUSF”) rates for foreign exchange and gold loans obtained from abroad by entities other than banks and financing companies have been rearranged.
As such, the scope of the RUSF exemption on the foreign exchange and gold loans obtained from non-resident entities have been narrowed.
New Legislation (i.e. applicable on the loans to be borrowed after 01.01.2013)
- RUSF at 3% is due on the principal amount paid on foreign exchange and gold loans borrowed from non-resident parties with an average maturity period of less than one year.
- RUSF at 1% is due on the principal amount paid on foreign exchange and gold loans borrowed from non-resident parties with an average maturity period between 1 year and 2 years.
- RUSF at 0.5% is due on the principal amount paid on foreign exchange and gold loans borrowed from non-resident parties with an average maturity period between 2 years and 3 years.
- No RUSF is applicable over foreign exchange and gold loans borrowed from non-resident parties with an average maturity period of more than 3 years.
On the other hand, no amendment has taken place with regard to the TL denominated loans obtained from non-resident entities. Accordingly, RUSF at 3% is due on interest paid on all TL denominated loans borrowed from non-resident parties (i.e. regardless of the maturity period of the loan).
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Deloitte Turkey
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