Turkey:
President Reduces Tax On Foreign Currency Purchases From 1% Back To 0.2%
07 October 2020
Ersoy Bilgehan
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We have previously shared with our readers that the banking
and insurance transactions tax (BITT) rate applied to foreign
currency purchases was increased from 0.2% to 1%.
With the Presidential Decree numbered 3031 published in the
Official Gazette dated 30 September 2020, the BITT rate is
now reduced from 1% back to 0.2%, to be effective from the date of
publication of the decree.
The reason given for raising the BITT rate previously was to
create additional funds which would be utilised to give more aid to
businesses and citizens adversely affected by the Covid-19
outbreak. The fact that this rate is now brought back to its former
level can be read as a sign that the normalization process for
Turkey has accelerated or will accelerate.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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