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- October 13, 202619°
- BIST10012,151-0.94%
- USD49.220.00%
- EUR55.21+0.28%
- GOLD4,194.50-0.52%
- INTEREST37.00%-1.00
- BITCOIN82,961-0.85%
- October 13, 202619°
Long-term rediscount loans from commercial banks receive BSMV exemption
The Ministry of Trade announced that long-term rediscount loans extended by Türk Eximbank and commercial banks have also been included in the exemption from the Banking and Insurance Transactions Tax. The measure aims to reduce exporters’ tax burden and financing costs, while the daily limit for rediscount loans has been raised to 5 billion liras.
The Ministry of Trade announced that, in addition to short-term rediscount loans, long-term rediscount loans extended by Türk Eximbank and commercial banks will also be exempt from the Banking and Insurance Transactions Tax (BSMV).
A Presidential Decision on Amending the Decision on Tax, Duty and Fee Exemptions for Export, Transit Trade, Export-Deemed Sales and Deliveries, and Foreign Currency-Earning Services and Activities, along with the related communiqué, was published in the Official Gazette and entered into force.
Scope of rediscount loans expanded
The measure provides for a BSMV exemption on rediscount loans extended by commercial banks using resources from the Central Bank of the Republic of Türkiye. In addition to short-term loans, the exemption will cover long-term rediscount loans extended through Türk Eximbank and commercial banks.
The Ministry said exporters’ competitiveness in global markets was directly linked to access to export financing. It added that measures aimed at improving exporters’ access to finance were among the priorities of foreign trade policies focused on investment, production, employment and exports.
Changes to limits and loan conditions
The financing cost of rediscount loans was reduced to 23.95%. The daily rediscount loan limit was raised from 300 million liras to 5 billion liras, while the daily limit per company was increased to 60 million liras.
The limit for foreign-currency export rediscount loans was set at $5 million, and the total program budget at $1 billion. The Ministry announced that the requirement not to purchase foreign currency under the loans had been removed, the exporter score system had replaced the net exporter requirement, and the additional foreign currency conversion requirement had been ended.
The Ministry of Trade said the new regulation aimed to increase the volume of rediscount loans and enable more exporters to access financing. It added that the reduction in the tax burden would also help lower exporters’ financing costs.
Minister Bolat assesses the measure
Minister of Trade Ömer Bolat said including all short- and long-term rediscount loans within the scope of the BSMV exemption would reduce exporters’ tax burden.
Bolat said the decision would help exporters access financing more easily and at more favorable costs, adding that exports would continue to be supported through stronger financing opportunities.
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