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2019/2 Banking and insurance transaction tax ratio applicable to foreign currency transactions set at 0.1%
17.5.2019

Abstract: Through the Decree numbered 1106 published on the Official Gazette dated May 15, 2019 and numbered 30775, the banking and insurance transaction tax calculated based on the sales amount in foreign exchange transactions has been determined as 0.1% (one per thousand).

Explanations

Prior to the publication of the Decree numbered 1106, foreign exchange transactions had been subject to banking and insurance transaction tax in accordance with the Law numbered 6802 on Expenditure Taxes and this ratio had been applied as zero percent pursuant to the Cabinet Decree numbered 2008/13459.

In accordance with the Decree numbered 1106 published in the Official Gazette dated May 15, 2019 and numbered 30775, the banking and insurance transaction tax ratios applicable to foreign exchange transactions have been redefined as below.

  • 0.1% based on the sales amount in foreign exchange transactions

  • Zero percent based on the sales amount in the below mentioned transactions

    • Foreign exchange sales concluded among banks and authorized agencies.

    • Foreign exchange sales to Ministry of Treasury and Finance

    • Foreign exchange sales of banks, which provide or mediate foreign currency loans, to debtors regarding the payment of foreign currency loans.

The aforementioned Decree entered into force on the date of its publication. 

2019/2 Banking and insurance transaction tax ratio applicable to foreign currency transactions set at 01%​​​