Foreign Exchange Tax: The tax rates applied in foreign exchange and gold trading were increased. According to the decision published in the Official Gazette, the Bank Insurance and Transaction Tax (BITT) rate applied in foreign exchange transactions was increased from 2 per thousand to 1 percent. Accordingly, new foreign exchange fees will significantly reduce foreign currency purchases!
Since the banks issued and the tax was low, preferred financing bills rather than deposits and taxes on foreign currency and gold purchases were increased. From now on, someone who gets $ 1.000 from the bank will pay 10 gram of tax, who gets 100 dollars and 1 grams of gold.
In the statement made, it was stated that the measures taken were put in place to minimize the economic effects of the coronavirus epidemic.
With the new tax rates coming into force, a person who will receive $ 100, someone who receives $ 1 in 100 grams of gold will pay 1 gram of gold.
The Presidency has the power to increase BSMV, which is valid for foreign exchange buying, up to 2 percent.
With the last decision published in the Official Gazette, the trade tax rate was increased to 1 percent in gold accounts opened in banks.
According to another decision published in the Official Gazette, the 10% withholding tax on financing bonds was increased to 15%.
The withholding increase only covers individual investors, and withholding in financing bonds remains zero for institutional investors.
The decision to charge 1 percent tax on the foreign exchange sales amount in the foreign exchange transactions was published in the Official Gazette with the signature of President of AKP, Recep tayyip Erdoğan. The tax applied in the purchase and sale of gold and foreign currency was increased 5 times, from 2 per thousand to 1 percent. The decision was interpreted as 'moving away from the free market economy'.
An additional item was added to the Expenditure Tax Law and a 1 percent tax was added to the exchange. In other words, 10 thousand dollars will pay tax. Professor Dr. Özgür Demirtaş commented, “The tax rate in foreign exchange transactions has been increased 5 times before.”
The Banking Insurance and Transaction Tax (BITT), which is applied in foreign exchange and gold purchases, has been increased from “2 per thousand” to “1 percent”. After that, 100 dollar tax will be given for every 1 dollar purchase. While the tax on financing bonds for individual investors will be increased, tax for corporate investors will continue to be applied as '0'.
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