Turkey exempts non-resident monetary establishments from FX tax By Reuters

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Turkey exempts non-resident monetary establishments from FX tax By Reuters

© Reuters. ISTANBUL (Reuters) - Turkey has exempted non-resident monetary establishments from paying


© Reuters.

ISTANBUL (Reuters) – Turkey has exempted non-resident monetary establishments from paying a international forex buy tax, the nation’s Official Gazette stated on Saturday.

The Financial institution Insurance coverage and Transaction Tax (BSMV) was raised in Might to 1% from 0.2% in a transfer to discourage a so-called dollarization pattern amongst Turks shopping for {dollars} and different arduous currencies.

The presidential choice, revealed within the Gazette, takes rapid impact.

 

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