According to Central Bank of Turkey Communique published on official gazette dated December 1, 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 40,75% per annum, while the interest rate to be applied in advance transactions was determined as 41,75% per annum.
Accordingly, as of December 1, 2023, the annual rate of 41.75% 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.
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