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The Council of Ministers Decision numbered 2017/9973 on Stamp Tax Rates for certain documents, real estate transaction fees, and taxes on Resource Utilization Support Fund Cut (hereafter mentioned as the “Decision”) published on 15 March 2017 in the Official Gazette numbered 30008, foresees,  among other taxes, the decrease of the rates for the Resource Utilization Support Fund (hereafter mentioned as the “RUSF”) for loans extended in Turkish Liras to Turkish companies (other than banks and financial institutions) by lenders outside Turkey.

As from 15 March 2017, the rates are decreased to 1% for the loans with an average reimbursement term of less than one year and 0% for those with a reimbursement term of one year and more.

The previous rates were the ones currently in force for loans extended in foreign currency and which remain the same, meaning:

  1. 1. 3% when the average term is less than one year;
  2. 1% when the average term is between one year (included) and two years;
  3. 0,5% when the average term is between two years (included) and three years;
  4. 0% when the average term is three years (included) and more.

The policy of the Turkish Government is to encourage loans in TRY when the lender is a foreign entity, irrespective of its status (bank, financial institution or any company as the mother company).

The RUSF does not apply when the Turkish borrower is a bank or a financial institution but only when the borrower is a company that needs to finance its activity.

Conversely to other tax measures currently adopted by the Government, this measure is not a temporary one but a definitive one.

Last but not least, there is another substantial difference between loans extended in foreign currency and these extended in Turkish Liras: the RUSF tax is calculated on the principal amount when the loan is in foreign currency and due when the bank account is credited; whereas for the loans in Turkish Liras, the RUSF tax remains calculated on the interests when due.

In both cases, the bank where the bank account is credited is the one responsible for declaring and paying it.

Our Law Firm remains at your disposal for any further queries you may request with respect to this tax  and other regulations  on loans extended by entities outside Turkey.

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