The Revenue Administration has published Tax Procedure Law Circular No. 192 dated October 21, 2025, determining the average commercial loan interest rates for July, August, and September 2025 to be used in inflation adjustment procedures.

As is known, the average commercial loan interest rates serve as the basis for calculating “Non-Real Financing Cost (NRFC)” in inflation adjustment procedures to be conducted under Article 298-A (repeated) and Provisional Article 33 of the Tax Procedure Law.

In this context, the Revenue Administration has announced the average commercial loan interest rates for July, August, and September 2025 to be used in inflation adjustment applications through Tax Procedure Law Circular No. 192 as follows:

July 2025: 63.87%
August 2025: 58.91%
September 2025: 57.02%