Sign up for tax alert emails GTNU homepage Tax newsroom Email document Print document Download document
May 16, 2019
Turkey increases Banking and Insurance Transaction Tax for foreign exchange transactions to 1‰, certain exceptions provided
Turkey, through Presidential Decision no. 1106, published in the Official Gazette dated 15 May 2019, has increased the rate of the Banking and Insurance Transaction Tax (BITT) to be calculated over the sales price of foreign exchange transactions, other than the ones set forth below, as 1‰.
The BITT rate of 0‰ will apply for foreign exchange sales:
The BITT rate previously was applied at the rate of 0‰ as of 1 May 2008 for all foreign exchange transactions.
The provisions of the Presidential Decision regarding the BITT rate increase entered into force on the date of publication (15 May 2019).
For additional information with respect to this Alert, please contact the following:
Kuzey Yeminli Mali Müsavirlik ve Bagimsiz Denetim A.S. Istanbul