BSMV Exemption Introduced for Rediscount Credits Directed at Exporters
In a statement made by the Ministry of Trade, it was announced that tax exemptions are provided for rediscount credits utilized through Türk Eximbank and commercial banks.
The Ministry of Trade announced that the application of BSMV exemption has been launched not only for short-term rediscount credits but also for long-term credits in order to reduce the financing costs of exporters.
Decision Published in the Official Gazette
The relevant Presidential Decree and the communique regarding the subject were published in the Official Gazette and officially entered into force.
Financing Cost Decreased
It was reminded to the public that with recent regulations, the financing cost of rediscount credits was reduced to the level of 23.95 percent.
Increase in Daily Limits
The total daily limit of rediscount credits, which was previously 300 million lira, was increased to 5 billion lira, and the daily limit per company was raised to 60 million lira.
New Regulations and Conditions
It was emphasized that the foreign currency-denominated export rediscount credit limit is 5 million dollars, and the total program budget has been set at 1 billion dollars.
While the obligation not to purchase foreign currency in rediscount credits was lifted, a transition was made to the exporter score system instead of the net exporter application.
Assessments by Minister Bolat
Minister of Trade Ömer Bolat stated that all short- and long-term rediscount credits have been included within the scope of the exemption, thereby reducing the tax burden of exporters.