Tax on bank and insurance operations

Tax on bank and insurance operations in Turkey are charged with gross income of bank and insurance companies for all types of transactions, with the exception of financial leasing operations. Taxpayers for bank and insurance operations are banking and insurance companies, and usually, the tax affects customers of their services. The main bet of the tax on bank and insurance operations is 5%.

The rates of tax on special transaction banking and insurance operations are listed below:

Title of operation

The tax rate in Turkey

Interbank deposit transaction

1%

Income from REPURCHASE agreements

1%

Sale of government bonds and Treasury bills

1%

Interbank Cambio transaction borrowed letters and bills

0%

Other Cambio transaction

0%

Other revenues (i.e. the сommission, the interest. premium)

5%

 

Payment of a tax on banking and insurance operations

Tax on bank and insurance operations is declared and paid monthly. The Declaration shall be filed and the tax paid to the 15th day of the month following the month of transaction.

 

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