Turkey Cuts Tax On Forex Transactions
by Lorys Charalambous, Tax-News.com, Cyprus
05 October 2020
Turkey has reversed an increase to the country's banking and insurance transactions tax (BSMV) on foreign currency and gold purchases.
Under a Presidential Decision published in the Official Gazette on September 30, 2020, BSMV on foreign currency and gold purchases was lowered from one percent to 0.2 percent.
The tax was previously increased from 0.2 percent to one percent from May 24, 2020.
Certain transactions are exempt from the tax, including forex transactions between banks and authorized institutions, foreign exchange sales to the Treasury and the Ministry of Finance, and forex sales by banks to borrowers with foreign currency loans.
To see today's news, click here.
Tax-News Reviews
A review and forecast of Cyprus's international business, legal and investment climate.
A review and forecast of Malta's international business, legal and investment climate.
A review and forecast of Jersey's international business, legal and investment climate.
A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »
Network Blogs and Features
- Corporate Taxes And COVID-19 Changes »
- A Mixed Bag of Budgets »
- We'll Be With You (In)Directly... »
- What is a DBA (Doing Business As)? »
- Collected COVID Occurrences »
- Tax Strategies Diverge »
- Top Five Online Business Ideas in Hong Kong »
- Digital and Indirect Taxes Dominate The Airwaves... »
- VAT's All Folks... »
- Taxing Work Taxing Workers? »