Turkey's Banking and Insurance Transactions Tax Extended to Forex Sales

Presidential Decree No. 1106 of 15 May 2020 extended the scope of application of Turkey's banking and insurance transactions tax (BITT) to forex sales, unless specifically exempt, at the rate of 0.1% (officially one per thousand percent). The tax is payable by the forex seller including typically banks, exchange agents, and brokers, and is due on the value of the transaction. Forex sales were originally within the scope of BITT but were removed from the scope of application of the tax in 2008…