BSMV Exemption Expanded for Rediscount Credits
In line with the decree published in the Official Gazette, the bank and insurance transactions tax exemption has been expanded for rediscount credits utilized by commercial banks.
With the new Presidential Decree published in the Official Gazette, the scope of the BSMV exemption for rediscount credits utilized by commercial banks has been expanded to include long-term loans in the process.
Details of the New Decree
The Presidential Decree on Amending the Decree on Tax, Duty, and Charge Exemptions in Export, Transit Trade, Sales and Deliveries Deemed Exports, and Foreign Exchange Earning Services and Activities has been published in the Official Gazette and entered into force.
Expansion of Scope
According to the statement made by the Ministry, while the BSMV exemption was implemented within the scope of rediscount credits utilized by commercial banks, long-term rediscount credits were also included in this scope alongside short-term loans.
Limit and Cost Regulations
Thanks to recent changes, the financing cost of rediscount credits was reduced to 23.95 percent, the daily total limit was increased to 5 billion liras, and the daily limit per company was raised to 60 million liras.
Statements by Minister Bolat
Trade Minister Ömer Bolat emphasized in an evaluation on his social media account that this decision will increase the global competitiveness of exporters and pull down financing costs.