BSMV, except for the transactions made in accordance with the Financial Leasing Law, regardless of any transactions they have made in their favor in cash or account for all the cash in their favor is reflected in the bank and insurance transactions tax.
The monies taken in cash or in the account to their advantage, no matter what is the name, due to bankers’ bank transactions and services (monies remaining in their favor due to their activities which makes the profession to buy and sell securities on themselves or others, to mediate buying and selling or undertaking to pay debts for the securities they buy and sell, and give interest deposits or to provide interest and other benefits, including the monies received under the names such as commission, fee, service provision over income and benefits those who are constantly collecting money they provide for the money they collect) are also subject to bank transactions tax.
According to the Decree Law No. 90, those who deal with the affairs of the loan and those who perform any of the treatment and services mentioned in the second paragraph as the main subject of the activity are considered bankers in the implementation of this Law. The fact that a person deals exclusively with the purchase and sale of gold does not require being accepted as bankers.
WHAT ARE THE EXCEPTIONS OF THE IMPLEMENTATION OF THE BSMV?
The money received due to the following transactions is exempt from bank and insurance transactions tax:
a) Accrued monies due to the transactions between banks with their own branches and agencies that their headquarters are located in Turkey or what these branches and agencies do with each other,
b) Money accrued of the banks that the headquarters is stated outside of Turkey made with each of its branches and agencies in Turkey due to transactions,
c) All kinds of tax exemptions and bonds, interest, dividends and bonuses with special laws and interest income from liquidity bonds issued by the Central Bank and according to Article 7 / A of Law No. 4749 of 28/3/2002 on Regulation of Public Finance and Debt Management, rental income from lease certificates issued by established asset leasing companies and the funds received at the end of the maturity,
(1)(2)
d) The money received by banks on behalf of their customers and other institutions and corporates as a counterpart to the services they have made and paid to the same person or corporate,
e) (Amended: 3/6/1986 – art. 3297/17) Full capital of banks, bankers and insurance companies, their profits from industrial enterprises which have their own or affiliates,
f) (Amended: 4/1/1961 art. 210/4) Profits from proceedings subject to bank and insurance transactions tax of the banks, banks and insurance companies in which they participate in the capital of banks, bankers and insurance companies according to this law,
g) Due to the works mentioned in the articles 6, 8, 9, 10 and 11 and in the clauses (b) and (c) of the article 12 of the Maritime Bank Turkish Joint Stock Law No. 5842, with the money that accrues in favor of Maritime Bank Turkish Joint Stock pursuant to Articles 2 and 13 of the same law, money obtained by agreements with real or legal persons for the establishment of the bank or the partnerships to be established, or the operation of the facilities, and the funds to be accrued due to the same works in favor of the real and legal persons to which the bank or the partnerships it shall establish,
h) According to Law No. 6266, the money obtained by the blood banks established for the written work mentioned in the law,
i) (Amended : 21/2/2007 – art. 5582/30) Monies received on pension contracts, life insurance (including contracts where individual accidents, disability as a result of illness and dangerous diseases are provided as additional collateral in life insurances) and health insurances and transportation insurance of export and and in insurance under the scope of housing finance as defined in the first paragraph of Article 38 / A of the Capital Market Law No. 2499 over contract and policy,
j) Premiums, commissions or other funds received due to recurrent insurance transactions and retro-cession transactions;
k) (Appendix: 25/6/1964 – art. 482/6) All kinds of agricultural crops that are not reaped or collected, and the funds received due to agricultural insurance for agricultural animals,
l) (Appendix: 25/6/1964 – art. 482/6) Funds received due to insurances against nuclear risks,
m) (Appendix: 25/6/1964 – art. 482/6; Amended : 22/7/1998 – art. 4369/63) The loans given by Türkiye Halk Bankası to small and medium-sized industrial enterprises within the scope of specialized loans or the monies that these enterprises receive due to their intermediary services to foreign trade transactions and money received for the loans given to tradesmen and craftsmen under the surety of Tradesmen and Artisans Cooperative Surety and the money they receive in return for an expense,
n) (Appendix : 17/4/1981 – art. 2447/7) The money taken by the banks that did not collect the deposit due to the investment loans they opened in their favor.
o) (Appendix : 24/6/1994 – art. 4008/35) The decisions of banks, authorized institutions, private financial institutions and PTT to protect the value of Turkish Currency and according to the communiqués issued based on these decisions, mandatory, foreign exchange and effective transfers they will do to the Central Bank,
p) (Appendix : 24/6/1994 – art. 4008/35) Arbitrage transactions and (…)(2) transactions related to futures and options contracts; and money received in favor of these transactions. (1)(2)
r) (Appendix : 22/7/1998 – art. 4369/63) The money received in favor, through the cooperatives, due to housing loans opened by Prime Ministry Housing Development Administration and the banks.
s) Appendix : 20/6/2001 – art. 4684/20) Gains from merger, transfer, division and share exchange transactions in accordance with the Corporate Tax Law.
t) (Appendix : 28/6/2001 – art. 4697/12; Amended: 15/7/2016 – art. 6728/9) The money they earn due to the transactions of pension mutual funds, securities investment funds, securities investment trusts, venture capital investment funds and venture capital investment trusts in money and capital markets,
u) (Amended : 21/2/2007 – art. 5582/30) Money remaining in their favor, as a result of the disposals of banks, insurance companies, pension companies and mortgage finance institutions in their establishment or when they increase their capital,
v) (Appendix: 30/12/2004 – art. 5281/39) The money received in favor of the transactions within the scope of paragraph (12) of the first paragraph of Article 8 of the Corporate Tax Law No. 5422,
y) (Appendix: 21/2/2007 – art. 5582/30) The money received in favor of all transactions within the scope of the housing finance defined in the first paragraph of Article 38 / A of the Capital Market Law No. 2499 by mortgage financing institutions, housing finance institutions and housing finance funds,
z) (Appendix: 25/12/2015 – art. 6655/1) According to the Industrial Registration Law No. 6948 dated 17/4/1957, monies received in favor due to the loans used by these companies for the financing of machinery and equipment for use in the manufacturing industry exclusively by industrial enterprises having industrial registration certificate (The procedures and principles regarding the implementation of this sub-clause are determined by the Ministry of Finance.).