Turkey expands BSMV tax exemptions for rediscount credits

Turkey has expanded the scope of the Banking and Insurance Transactions Tax (BSMV) exemption within the rediscount credit program to support exporters. According to a Presidential Decision published in the Official Gazette, the exemption now applies to long-term rediscount credits provided by both commercial banks and Türk Eximbank, in addition to existing short-term credits.

The Ministry of Trade stated that these measures aim to enhance the global competitiveness of Turkish exporters by improving financing options. Recent improvements to the program include reducing the financing cost of rediscount credits to 23.95%, increasing the daily limit for rediscount credits from 300 million TL to 5 billion TL, and raising the daily limit per company to 60 million TL. Additionally, the limit for foreign currency export rediscount credits has been increased to 5 million USD, and the total program budget has been established at 1 billion USD.