Saturday, August 08, 2020 4:38 a.m. EDT by Thomson Reuters
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ISTANBUL (Reuters) – Turkey has exempted non-resident monetary establishments from paying a international foreign money buy tax, the nation’s Official Gazette mentioned on Saturday.
The Financial institution Insurance coverage and Transaction Tax (BSMV) was raised in Could 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 resolution, revealed within the Gazette, takes instant impact.
(Writing by Ezgi Erkoyun; Modifying by Gareth Jones)