Economy

Government fixes exchange rates

for import taxes

The government has fixed foreign exchange rates for customs duties, taxes and import fees for a period of 90 days.

The Council of Ministers took the decision at an extraordinary meeting yesterday afternoon.

TRNC Government 2015Announcing the decision, Prime Minister Ömer Kalyoncu said that the fixed exchange rates were determined according to average effective selling rates between March and August as provided by the Central Bank.

The new fixed rates are as follows:
• USD= 2.70 TL
• British Pound Sterling= 4.14TL
• Euro= 2.97 TL

The Council of Ministers also lowered withholding tax rates for rent contracts in Turkish Liras from 10% to 7% and raised withholding rent contracts in foreign currency from 10% to 13%.

Source: BRT World