Turkey's Revenue Administration has announced the publication of Presidential Decree No. 1149 of 16 June 2019, which extends the recent reduction ({News-2019-05-28/A/5-previous coverage}) in the banking and insurance transactions tax rate to 0% for:

• Foreign exchange sales to enterprises holding industrial registration certificates; and
• Foreign exchange sales to exporters who are members of Exporters' Associations.

The Presidential Decree is effective from 18 June 2019.