The Directorate of Revenue Administration changed its previous
opinion provided with the letter dated February 13, 2014 and
No.17483 on the Resource Utilization Support Fund
("RUSF") application of foreign currency and gold loans
extended by foreign residents to Turkish residents other than banks
and financial institutions in parallel to our opinion provided
under our Tax Alert 2/2014. New opinion of the Revenue
Administration issued with the letter dated August 12, 2015 and
No.70903105-165.01.03-77912 for the name of the Banks
Association of Turkey is as follow:
With respect to the FX loans granted from offshore, the RUSF
shall apply at the rates which are effective on the utilization
date of the loan;
If the FX loan, the term of which is below 3 years, granted
from offshore by applying RUSF is extended as being adhered to the
original loan agreement, any RUSF shall not apply over the extended
loan regardless of whether the average term of the loan together
with the extended period is below or above 3 years, and the amount
of RUSF which has been already withheld in accordance with the
average term on the utilization date of such loan shall not be
If the FX loan, the term of which is 3 years or more, granted
from offshore from which RUSF was not withheld is extended as being
adhered to the original loan agreement, RUSF shall not withheld
over the extended loan regardless of whether the extended period is
below or above 3 years since the average term of the loan will be
above 3 years;
If the FX loan granted from offshore is repaid before the
maturity term (i.e.; for loans which have been extended, the
extended term should also be considered), and the time period
between the utilization and the repayment date is less than 3
years, the RUSF with a penalty amount shall apply over the loan the
average term of which is calculated as between the utilization date
and the repayment date.
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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