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.