What is resource utilization support fund?
- What is resource utilization support fund?
Resource utilization support fund is a fund supplied over the used credits and over imports without real person or legal entity. Resource utilization deductions are booked as “income” in general budget.
- What is the aim of establishing resource utilization support fund?
Central Bank put resource utilization support fund into force as a credit and money policy in 1988.
Central Bank control resource of utilization support fund until 2002. After 2002, controlling of resource utilization support fund is transferred to Ministry of Finance.
- WHAT IS THE LEGISLATION REGULATING RESOURCE UTILIZATION?
Explanation regarding fund implementation is regulated according to relevant law no.4684 brought out in 26.08.1989 in official gazette no.20264, and 6th announcement no.88/12944, brought out in 12.05.1988.
- OVER WHICH TRANSACTIONS RESOURCE UTILIZATION IS DONE?
These are the transactions that resource utilization is used;
1–Installment credit used by national banks and financial companies,
4, 2- Credits supplied by foreign countries from the banks locate in foreign countries.
4.2.1- Forward exchange
4.2.2- On Turkish Lira
4,3- On currency
5-FROM WHOM RESOURCE UTILIZATION SUPPORT FUND IS DEDUCED?
Resource Utilization Support Fund is acquired by the ones who use installment credit in Turkey and use credit in abroad and make deferred import.
6-WHO ARE THE LIABLES OF RESOURCE UTILIZATION FUND?
The liable of resource utilization support fund is;
6.2- Finance Corporates ,
6.3- The ones who make deferred import.
7- HOW RESOURCE UTILIZATION SUPPORT FUND IS CALCULATED?
Resource Fund Deduction is calculated over;
7.1- Interest amounts assessed over Turkish Lira credits,
7.2- Total amounts of exchange difference or index difference,
7.3- Gold amounts and principal amount of currency and gold credits
7.4- Import cost of deferred import.
8- WHAT ARE THE DEDUCTION RATES OF RESOURCE UTILIZATION SUPPORT FUND?
Deduction rates are made;
8.1- %15 in installment credits
8.1.1- % 10 in other credits.
8.2- %0 in credits supplied from abroad by banks and financial corporates
8.3- Except for banks and financial corporates it is made;
8.3.1- %3 in Lira credits
8.3.2- % 0,5 or %3 in currency and gold credits.
8.4- %6 in deferred imports.
9- HOW RESOURCE UTILIZATION SUPPORT FUND IS MADE IN INSTALLEMENT CREDIT?
Resource Utilization Support Fund is made over interest amounts.
If we suppose someone use 5 months deferred installment credit of 5000 Lira with &1,09 interest, the installment payment is as follows:
As it can be seen in the table, resource utilization support fund cut is %15.
Resource utilization support fund calculation for the first installment
(Interest Rate) * (Resource Utilization Fee Rate) = Cut Rate
54, 5 TL* % 15 = 8, 18 TL.
10- HOW RESOURCE UTILIZATION SUPPORT FUND IS MADE IN DWELLING CREDIT?
Resource utilization support fund is not cut over dwelling credit.
***However, after purchasing dwelling with credit, if dwelling is sold while payments continue, interest is calculated over resource utilization support fund.
11- HOW RESOURCE UTILIZATION SUPPORT IS MADE IN IMPORTATION?
Every import made from abroad is not subject to resource utilization support fee. In case of making import as deferred, fund will be cut over deferred importing.
Below mentioned imports in resource utilization support fund, imports are accepted as deferred.
11.1- Acceptance credit,
11,2- Cash against goods,
11,3- Deferred payment letter of credit,
Fund cut won’t be made, if the cost is transferred before custom liability defined in custom regulation, if cost is transferred after defined date, fund cut will be made.
12- HOW IS RESOURCE UTILIZATION SUPPORT FUND IN IMPORTING OF INVESTEMENT AND INTERMEDIATE GOODS?
In order to reduce manufacturing cost, contribute economic growth and to generate employment, resource utilization support fund cut will not be made according to cabinet decision published in 10th April, 2015.
13- HOW RESOURCE UTILIZATION SUPPORT FUND IS MADE IN CREDITS OF ABROAD?
Credits acquired from abroad by the ones dwelling in Turkey, are subject to resource utilization support fund.
13.1- Resource utilization support fund cut is made as %3 in the Turkish Lira credits except or the banks and financial corporates.
13.2- Resource utilization support fund rates in currency and golden credits supplied by banks and financial corporates are made as follows:
13.2.1- % 3 in a year of average due date.
13.2.2- %1 in 2 years of average due date.
13.2.3- % 0,5 in three years of average due date.
13.2.4- %0 in more than three years of average due date.
14- BY WHOM THE DECLARATION AND PAYMENT OF RESOURCE UTILIZATION SUPPORT FUND IS MADE?
The declaration and payment of resource utilization support fund cut from banks and financial corporates, is made by banks and financial corporates themselves. In this frame, there is no need for those who use credits from bank or financial corporates, to make declaration.
15- HOW THE RETURN AND METHOD OF RESOURCE UTILIZATION SUPPORT FUND IS MADE?
Illegal resource utilization support fund cut will be collected from the banks and financial corporates.
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