Subject: BITT rate on FX sales transactions made to the industrialists and exporters have been reduced to 0%
Banking and Insurance Transactions Tax ("BITT") rates to be imposed on foreign exchange transactions made to the industrialists and exporters have been reduced to 0% through the Presidential Decree no. 1149 published in the Official Gazette dated June 17th, 2019.
As is known, with the Presidential Decree numbered 1106 (published in the Official Gazette dated May 15th, 2019) BITT to be calculated over the sales amount in case of foreign exchange transactions was determined to be one per thousand (0.1%), effective as of May 15, 2019.
Additionally, in accordance with the relevant regulation, BITT rates to be calculated over the below listed transactions were determined to be 0%;
Foreign currency sales among banks, authorized institutions or between banks and authorized institutions,
Foreign currency sales made to the Turkish Ministry of Treasury and Finance,
Foreign currency sales made to borrowers who have foreign currency loan, by the lender bank or the bank that mediate the use of foreign currency credits, intended for the payment of the foreign currency loan.
With the new Presidential Decree numbered 1149, BITT rates to be imposed on foreign exchange transactions made to;
have been reduced to 0%, effective as of June 18, 2109.
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