The Resource Utilization Support Fund Rate (RUSF, Turkish: Kaynak Kullanımını Destekleme Fonu -KKDF) is a special fund applied to imports into Turkey which are made on a credit basis. This fund has been collected since 1988 via banks in Turkey, using both, domestic and foreign credit facilities, on the basis of the payment of imported goods, and is transferred to the Central Bank of Republic of Turkey. According to the RUSF legislation, any import which is made on credit (unless the price for to the import is paid before the actual importation) is subject to a special charge amounting to 6% of the value of the goods to be imported.

The important criteria in this regard are the payment term and whether it is a cash payment or payment on credit. The following imports are accepted as import with credit according to the RUSF legislation:

• Import with cash on delivery,
• import with acceptance credit,
• import with the deferred payment letter of credit.

With the Council of Ministers’ decision no. 2015/7511, which was published in the Official Gazette dated 10 April 2015, the RUSF rate has been re-determined as 0% for goods such as animal and vegetable agricultural and food products, tobacco, metal ore, mineral fuels and oils, inorganic and organic chemicals and medical pharmaceuticals, electrical devices, air vehicles and vessels, even if they are imported under acceptance credits, deferred payment letter of credit and on a cash-against-goods basis. For a detailed list of these products please click here.

In addition to the above-mentioned goods, nuclear reactors, boilers, machines, mechanical devices and tools and associated parts and components are also subject to 0% RUSF according to decree No. 2015/7511.

Conclusion

As the RUSF is included in the value added tax assessment, a scale-down of the rate of RUSF entails a tax reduction. In this respect, it is expected that the zero rate of RUSF for certain goods may incentivize the development of the respective sectors.

Dr Gökçe Uzar Schüller, Attorney (Istanbul and Munich)