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ARTICLE · 17 MAY 2019

BITT Is Now Applied On FX Transactions

Eryurekli Law Office
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President's Decree No. 1106 on collecting Banking and Insurance Transactions Tax from foreign exchange transactions was published in the Official Gazette dated 15 May 2019 and numbered 30775, with immediate effect.

TurkeyFinance and Banking
Arda Baran Çakır
Arda Baran Çakır
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President's Decree No. 1106 on collecting Banking and Insurance Transactions Tax from foreign exchange transactions was published in the Official Gazette dated 15 May 2019 and numbered 30775, with immediate effect.

The Cabinet of Ministers' Decree No. 98/11591 Regarding Article 33 of the Expenditure Tax Law has been amended with the President's Decree No. 1106 published in the Official Gazette dated 15 May 2019 and numbered 30775 with immediate effect and Banking and Insurance Transactions Tax ("BITT") in the rate of one per thousand of the sale price is decided to be collected from foreign exchange sales ("FX Sales"), save for the exceptions below. Accordingly, in the transactions stated below which are excluded from the BITT application, namely;

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