Scope of BSMV exemption expanded in commercial bank rediscount loans
With a new regulation prepared to increase the financing opportunities of exporters, the cost of discount credits was reduced and daily credit limits were raised.
In line with the Presidential Decree published in the Official Gazette, the scope of the BSMV exemption applied to discount credits utilized by commercial banks has been expanded, including long-term credits in the process.
Details of the Official Gazette Decree
The Presidential Decree regarding the amendment of the decree regulating tax exemptions in export and foreign exchange-earning activities entered into force.
Long-Term Credits Added to Exemption
Alongside short-term discount credits, long-term discount credits provided by both Türk Eximbank and commercial banks were included in the scope of the BSMV exemption.
Financing Cost and Limits
As a result of the regulations made, the financing cost of discount credits was reduced to 23.95 percent.
The total daily limit for credits was raised to 5 billion liras, and the daily limit per company was raised to 60 million liras.
Foreign Currency and Program Budget Rules
The foreign currency denominated export discount credit limit became 5 million dollars, while the total program budget was determined as 1 billion dollars.
Application Changes and Statements
The obligation not to purchase foreign currency in discount credits was lifted, and a transition was made to the exporter score model instead of the net exporter application.
Trade Minister Ömer Bolat expressed his gratitude for this decision, which reduces the tax burden of exporters and strengthens their financing opportunities.