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Turkey Reduces Banking and Insurance Transactions Tax Rate to 0% on Certain Foreign Exchange Sales — Orbitax Tax News & Alerts

Turkey's Revenue Administration has announced the publication of Presidential Decree No. 1106 of 14 May 2019, which reduces the banking and insurance transactions tax rate on foreign exchange sales to 0% for:

  • Foreign exchange sales between banks and authorized institutions among themselves or among themselves;
  • Foreign exchange sales to the Ministry of Treasury and Finance;
  • Foreign exchange sales to borrowers by banks and intermediaries in relation to foreign currency loans.

The Presidential Decree is effective from 15 May 2019.