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Turkey Publishes Decree Reducing Banking and Insurance Transactions Tax Rate to 0% — Orbitax Tax News & Alerts

Turkey's Revenue Administration has announced the publication of Presidential Decree No. 2834 of 7 August 2020. The decree provides for a reduction in the banking and insurance transactions tax rate from 1% to 0% on foreign exchange sales to non-resident institutions performing at least one of the activities accepted as a financial institution activity in accordance with the Banking Law. This includes activities such as accepting deposits, granting loans, carrying out payment and collection transactions, and several others.

The decree was published on 8 August 2020 and is effective from that date.