On 10 February 2015, Turkish Revenue Administration issued a tax ruling in relation to Value Added Tax (''VAT'') on interest/coupon payments to the holders of the corporate bonds of Turkish entities issued outside Turkey. In the ruling, it is clearly stipulated that the interest/coupon payments to non-resident bondholders shall be subject to VAT to be paid by the issuers within the framework of reverse-charge mechanism. In addition, unlike an older tax ruling in this particular subject dated 22 February 2013 indicating that VAT exemption would apply to interest/coupon payments performed through overseas banks and brokerage houses, the new ruling does not include such distinction.