Banking and Insurance Transactions Tax on Foreign Exchange Trade and Withholding Tax on Financial Bonds and Lease Certificates with Terms of Less Than 1 Year Have Been Increased

Banking and Insurance Transactions Tax on Foreign Exchange Trade and Withholding Tax on Financial Bonds and Lease Certificates with Terms of  Less Than 1 Year Have Been Increased

Pursuant to the Presidential Decree numbered 2568, published in the Official Gazette dated 24.05.2020 and numbered 31136, Banking and Insurance Transaction Tax (“BITT”), which is calculated over the sale value of foreign exchange transactions, has been increased from 0.2 percent (0.2%) to 1 percent (1%).

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