What Is BSMV, Türkiye's Banking Transactions Tax?
Region: Türkiye
Definition
BSMV (Banking and Insurance Transactions Tax): Banka ve Sigorta Muameleleri Vergisi: a Turkish expenditure tax on the money banks receive for their transactions. On consumer loans it is 15% of the interest and is added to the installment.
BSMV (Banka ve Sigorta Muameleleri Vergisi, the Banking and Insurance Transactions Tax) is a Turkish tax on the money banks receive for their transactions. Expenditure Taxes Law no. 6802 sets it. On consumer loans used since 7 July 2023 it is 15% of the interest (Presidential Decision 7345). Like KKDF, it is added to each installment.
Where it appears in the formulas
BSMV = month's interest × BSMV rate, and the installment uses i = r × (1 + KKDF + BSMV). A consumer who owns no registered house on the loan date pays no BSMV on a housing loan (Law 6802, art. 29/1-y). The loan and early repayment calculators show BSMV in the payment plan; the credit card calculator shows it on one month of interest (15% in 2026, with 15% KKDF).