Publication: Banka Muameleleri Vergisi’nin bankacılık sektöründe rekabeti bozucu etkileri ve bir model önerisi
Abstract
Finansal sistem, hane halkı tasarruflarının, yatırımlarda kullanılmak üzere işletmelere aktarılmasını sağlayan kurumlar, araçlar ve düzenlemeler bütünüdür. Bu kurumlar arasında en önemli yeri tutan bankalar, fonların, fon arz edenlerden fon talep edenlere aktarımı sırasında bir kısım maliyetlerle karşılaşır. Aracılık maliyeti olarak adlandırılan bu maliyetlerin ağırlıklı kısmı tasarruf sahiplerine ödenen faizler ile bankaların yönetim ve idame giderleri iken, diğer önemli bir kısmı, vergi ve benzerleridir. Aracılık maliyetleri, düzeyine ve büyüklüğüne bağlı olarak, bankaların fon aktarma kapasiteleri ve verimlilikleri ile rekabet güçlerini, faaliyetlerini ve ekonomik büyümeyi olumsuz şekilde etkilemektedir. Türk bankaları açısından aracılık maliyetlerinin önemli bir bileşeni Banka ve Sigorta Muameleleri Vergisi (“BSMV”)’dir. Bu verginin indirimle giderilememesi ekonomik açıdan bozucu etkiler yaratmaktadır. Ayrıca yetmiş yıl öncesinin koşullarına göre tasarlandığından, günümüzün bankacılık ve finansal ürün ve hizmetlerini kavrayamamakta, mükellefler ile gelir idaresi arasında problemler yaşanmasına sebep olmaktadır. BSMV’nin yürürlükten kaldırılması için geniş bir mutabakat bulunmaktadır. Bankacılık hizmetleri ve finansal hizmetler Avrupa Birliği (“AB”)’nde 1977 yılından beri Katma Değer Vergisi (“KDV”) kapsamındadır fakat vergiden istisnadır. Türkiye, AB’ne tam üye olmak için çaba göstermektedir. Bu sebeple AB’nin hemen her alandaki düzenlemeleri rehber alınmakta ve Türkiye’nin bunlara uyumunu temin edecek düzenlemeler yapılmaktadır. Ancak, finansal hizmetlerin KDV’nden istisna edilmesi uygulaması, yarattığı ekonomik bozulmalar sebebiyle AB’nde ağır eleştirilerle karşılaşmaktadır. Bu sebeple Türkiye’deki BSMV uygulamasının, mevcut AB uygulamasına paralel şekilde finansal hizmetlerin istisna edildiği KDV sistemi ile yer değiştirmesine yönelik basit öneriler temkinle karşılanmalıdır. Alternatif olarak, AB’nde yaşanan problemleri giderecek şekilde, KDV mükelleflerine verilen hizmetler sıfır oranda; KDV mükellefiyeti olmayanlara ve nihai tüketicilere verilen hizmetler genel oranda vergilendirilmelidir. nansal aracılık, aracılık maliyetleri, ekonomik büyüme, rekabet, dolaylı vergiler, Banka ve Sigorta Muameleleri Vergisi, Katma Değer Vergisi, sıfır oranlı vergileme.
The “Financial System” is a conglomeration of institutions, tools and regulations that help facilitate transfer of house-hold savings to economic enterprises to be utilized as investments. Banks, which constitute the largest segment of the financial institutions, face certain costs as they perform their basic function of transferring funds from the suppliers to those who demand them. The bulk of such costs that are known as “Intermediation Costs” comprise interest paid to the saving accounts as well as management and maintaining costs while a significant portion of the intermediation costs consist of taxes and similar burdens. In proportion to their level and magnitude, intermediation costs would have a negative impact on the fund transferring capacity and efficiency of banks, as well as on their competitive power, economic growth, and business operations. As far as the Turkish banks are concerned, another significant component of the intermediation costs is Banking and Insurance Transaction Tax (“BITT”). The banks’ inability to recoup BITT through a direct tax-credit mechanism is known to give rise to economic distortions. In addition, designed and introduced into the tax system over 70 years ago, BITT severely fails to encompass today’s banking operations, financial products and services, which in turn raises compliance costs and cause frictions between the business enterprises and the tax administration. Currently, a broad consensus exists for phasing out BITT. Although they have been built into the Value Added Tax (“VAT”) since 1977, banking services and financial services in the European Union (“EU”) are tax exempt. Turkey is currently bidding for full access to EU. Therefore, EU regulations are accepted as a guideline and being adopted in every field as the integration process through adjustment and harmonization of administrative structures with EU is under way. In view of the economic distortions it causes, the current EU practice of exempting financial services from VAT is under heavy criticism. Therefore, simplistic suggestions for substituting BITT in Turkey with an exemption-based VAT system in line with the current EU practice must be dealt with discretion. Alternatively, financial banking services in Turkey may be imported into the VAT system with a view to reduce the inefficiencies observed in EU by zero-taxing banking services which are being rendered to business enterprises while implementing standard VAT rate for the financial services rendered to non-business entities and final consumers. Key Words: Financial intermediation, intermediation cost, economic growth, competitiveness, indirect taxes, Bank and Insurance Transactions Tax, Value Added Tax, zero-rate VAT.
The “Financial System” is a conglomeration of institutions, tools and regulations that help facilitate transfer of house-hold savings to economic enterprises to be utilized as investments. Banks, which constitute the largest segment of the financial institutions, face certain costs as they perform their basic function of transferring funds from the suppliers to those who demand them. The bulk of such costs that are known as “Intermediation Costs” comprise interest paid to the saving accounts as well as management and maintaining costs while a significant portion of the intermediation costs consist of taxes and similar burdens. In proportion to their level and magnitude, intermediation costs would have a negative impact on the fund transferring capacity and efficiency of banks, as well as on their competitive power, economic growth, and business operations. As far as the Turkish banks are concerned, another significant component of the intermediation costs is Banking and Insurance Transaction Tax (“BITT”). The banks’ inability to recoup BITT through a direct tax-credit mechanism is known to give rise to economic distortions. In addition, designed and introduced into the tax system over 70 years ago, BITT severely fails to encompass today’s banking operations, financial products and services, which in turn raises compliance costs and cause frictions between the business enterprises and the tax administration. Currently, a broad consensus exists for phasing out BITT. Although they have been built into the Value Added Tax (“VAT”) since 1977, banking services and financial services in the European Union (“EU”) are tax exempt. Turkey is currently bidding for full access to EU. Therefore, EU regulations are accepted as a guideline and being adopted in every field as the integration process through adjustment and harmonization of administrative structures with EU is under way. In view of the economic distortions it causes, the current EU practice of exempting financial services from VAT is under heavy criticism. Therefore, simplistic suggestions for substituting BITT in Turkey with an exemption-based VAT system in line with the current EU practice must be dealt with discretion. Alternatively, financial banking services in Turkey may be imported into the VAT system with a view to reduce the inefficiencies observed in EU by zero-taxing banking services which are being rendered to business enterprises while implementing standard VAT rate for the financial services rendered to non-business entities and final consumers. Key Words: Financial intermediation, intermediation cost, economic growth, competitiveness, indirect taxes, Bank and Insurance Transactions Tax, Value Added Tax, zero-rate VAT.