According to Central Bank of Turkey Communique published on official gazette dated September 28, 2023, the discount interest rate to be applied in rediscount transactions made against promissory notes with a maximum maturity of 3 months was determined as 30,75% per annum, while the interest rate to be applied in advance transactions was determined as 31,75% per annum.
Accordingly, as of September 28, 2023, the annual rate of 31.75% must be taken into account in the calculations of rediscount (if the interest rate is not specified on the promissory note or postdated check) within the scope of Articles 281 and 285 of the Tax Procedure Law.
Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.
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